Using the table, Price (S) Rental Housing Demanded (Qd) Rental Housing Rent Supplied (Qs) 1600 26 32 1400 30 30 1200 34 28 1000 38 26 800 42 24 8. Draw the diagram showing market equilibrium. 9. Using the table, briefly (in one paragraph) explain the law of demand. 10. From the diagram you drew in (#8), find the equilibrium price and the equilibrium quantity. 11. Let's assume government sets a price ceiling at $1000. If government does not intervene in the market, the rent will (decrease, stay the same, increase). Select the correct one. 12. Why does government intervene in this market? Briefly (in one paragraph) explain. Ueins the

Using the table, Price (S) Rental Housing Demanded (Qd) Rental Housing Rent Supplied (Qs) 1600 26 32 1400 30 30 1200 34 28 1000 38 26 800 42 24 8. Draw the diagram showing market equilibrium. 9. Using the table, briefly (in one paragraph) explain the law of demand. 10. From the diagram you drew in (#8), find the equilibrium price and the equilibrium quantity. 11. Let's assume government sets a price ceiling at $1000. If government does not intervene in the market, the rent will (decrease, stay the same, increase). Select the correct one. 12. Why does government intervene in this market? Briefly (in one paragraph) explain. Ueins the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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G.237.
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