Rents Hit All-Time Highs amid Job Growth and Low Vacancy Rates, some people move out as a result of rent increases, while others are ready to pay an even higher rent. Rent control adds yet another aspect by setting a ceiling on what the rental price can ultimately rise to. The supply and demand model can be used to illustrate the mechanism that leads to all these different market outcomes Consider the market for rental properties in the Inland Empire in Southern California. Suppose that while employment increased by 22% in the Inland Empire, the average rent has increased by 20%. (Assume for a moment that there are no rent control regulations.)

The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. # 345470 10 QUANTITY (Unita) *** TO QUANTITY (Number of units) Graph Input Tool Market for Goods Quantity Demanded (Lv) Demand Price (Dollars per unit) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 2, 4, 5, 6, 8, and 10 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbo) to plot the results. Total Revenue QUANTITY() Ⓒ 50.00 Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of…

As you can see from the article in the prior problem, "Rents Hit All-Time Highs amid Job Growth and Low Vacancy Rates," some people move out as a result of rent increases, while others are ready to pay an even higher rent. Rent control adds yet another aspect by setting a ceiling on what the rental price can ultimately rise to. The supply and demand model can be used to illustrate the mechanism that leads to all these different market outcomes. Consider the market for rental properties in Los Angeles and Orange counties in Southern California. Suppose that while average earnings increased by about 10% in Los Angeles and Orange counties, the average rent has increased by 20%. (Assume for a moment that there are no rent control regulations.) Adjust the following graph to illustrate the rent increase by either using the black point (cross symbol) or by shifting the supply and demand curves. Hint: Determine whether this scenario leads to a shift in the demand/supply curve or a movement…

Assume the following is the Budget Equation for a consumer: 112 Vodka + 80 Rum = 3991 What would be the intercept of the budget line in the Rum axis? Add your answer Question 2 If the budget line equation is x2 = - 118/93 x₁ + 17305/93 What is the income of the consumer? Add your answer 10 Points Question 3 10 Points Harrison spends all of his income on vacation trips and textbooks. If the price of a trip is $117 and the price of a textbook is $84, then the slope of his budget line (assuming vacation trips are measured on the vertical axis) would be Add your answer

Next, complete the following graph 2 "not pictured", labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1 graph.

Using supply-and-demand diagrams explain how the following events would affect the supply or demand in each market (draw the original demand and supply and in the same graph draw the NEW demand or supply-showing your shifts) and how the quantity and price of in equilibrium will be affected: a) An ongoing, chronic shortage of long-haul drivers is creating major issues with trucking capacity, leading to delays when transporting goods across countries. Also, because building materials like steel beams, concrete slabs, pipes, logs, etc. are large and very heavy, it’s common for companies to use oversized flatbed fleet trucks or tractor trailer fleet trucks to ship them around the country. What happens in the market of building materials due to this event? b) What happens in the market for ramen noodle soup if: there is a world-wide recession that decreases consumers' incomes (assume ramen noodle soup is an inferior good)?

The linear demand curve is: Q = 100 - 4P The linear supply curve is: QS = -20 + 2P For each of the following questions, you need to show the basic calculation steps. 1) Given the above market demand and supply curves for the bottled wine in a hypothetical economy, please calculate the market equilibrium price and market equilibrium quantity for a bottle of wine. 2) If the government decides to charge an excise tax at the rate of 3 for each bottle of wine, what is the tax burden on consumers? And what is the tax burden on the firms? Show your calculation steps. B) Who shares more of the tax burden, the consumer or the firms? Please explain the reasons behind it.

I am not sure how to do this, The graph is confusing me.

In 2014, the U.S. House of Representatives approved a new farm bill establishing the Margin Protection Program (MPP) for dairy producers. Assume that the program has effectively created a price floor for milk at $0.18 per pound. Use the following additional information to answer the following questions: Without the price floor, the equilibrium price of milk is $0.15 per pound, and the equilibrium quantity is 200 billion pounds of milk. The supply curve intersects the price axis at $0.05 and the demand curve intersects the price axis at $0.25. At the price floor of $0.18, the quantity supplied is 260 billion, and the quantity demanded is 140 billion. To support the price floor, the USDA buys up the 120 billion pounds of excess milk. i. With the price floor at $0.18 per pound of milk, how much consumer surplus is created? Do not round your answer.   ii. With the price floor at $0.18 per pound of milk, how much producer surplus is created? Do not round your answer.   iii. With the price…

Consider the market for sweet cherries in the Yakima Valley in Washington. The following are the equations of the supply and demand curves for sweet cherries in the Yakima Valley: Pd=452-Qd or Qd-452-Pd Ps=(1/450) * Qs+1 or Qs=450 * Ps-450=450 * (Ps-1) In these equations, P is the Price/lb of sweet cherries in the Yakima Valley, and Qd and Qs are the quantity demanded and the quantity supplied of cherries in milliion lbs per year.  a) complete the table to find the Qd, Qs b) what are the equilibrium P and Q of cherries?  c) Suppose that the P of sour cherries, a substitute of the sweet cherries, decreases. As a result the D curve for sweet cherries shifts, and the new D curve is given by the following equation: P=361.8-Qd or Qd-361.8-P Fill the Qd_d column of the table with your answers.