Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 6, Problem 2SPA
To determine
Effect of rent ceiling set below equilibrium rent.
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Students have asked these similar questions
You have been given the following information about the housing market for two-
bedroom rental units in Vancouver:
Rent ($ per
Quantity Demanded (per
month)
Quantity Supplied (per
month)
month)
1,100
20,000
1,200
15,000
5,000
1,300
10,000
10,000
1,400
5,000
15,000
1,500
2,500
20,000
1,600
1,500
25,000
a. Draw a supply and demand graph to illustrate the housing market above.
Answer:
b. What is the equilibrium rental price and the equilibrium quantity of
housing?
Answer:
c. Suppose that a price ceiling of $1,200 rent per month is imposed in the
Vancouver housing market, what will be the effect of this on housing
market in Vancouver?
Answer:
Suppose that clothes workers at a certain factory accept a pay cut of $3 per hour.
(a) Draw a graph to show how this would affect the market for clothes.
(b) Why does this shift occur? How does that affect the equilibrium price and quantity
WHEN DO YOU SAY THAT THERE IS EXCESS SUPPLY FOR A COMMODITY IN THE MARKET?
Chapter 6 Solutions
Microeconomics (13th Edition)
Ch. 6.1 - Prob. 1RQCh. 6.1 - Prob. 2RQCh. 6.1 - Prob. 3RQCh. 6.1 - Prob. 4RQCh. 6.2 - Prob. 1RQCh. 6.2 - Prob. 2RQCh. 6.2 - Prob. 3RQCh. 6.2 - Prob. 4RQCh. 6.2 - Prob. 5RQCh. 6.3 - How does the elasticity of demand influence the...
Ch. 6.3 - Prob. 2RQCh. 6.3 - Prob. 3RQCh. 6.3 - Prob. 4RQCh. 6.3 - Prob. 5RQCh. 6.4 - Prob. 1RQCh. 6.4 - Prob. 2RQCh. 6.4 - Prob. 3RQCh. 6.4 - Prob. 4RQCh. 6.4 - Prob. 5RQCh. 6.5 - Prob. 1RQCh. 6.5 - Prob. 2RQCh. 6.5 - Prob. 3RQCh. 6.5 - Prob. 4RQCh. 6 - Prob. 1SPACh. 6 - Prob. 2SPACh. 6 - Prob. 3SPACh. 6 - Prob. 4SPACh. 6 - Taxes (Study Plan 6.3) 5.The table in the next...Ch. 6 - Prob. 6SPACh. 6 - Prob. 7SPACh. 6 - Prob. 8SPACh. 6 - Prob. 9APACh. 6 - Prob. 10APACh. 6 - Prob. 11APACh. 6 - Prob. 12APACh. 6 - Prob. 13APACh. 6 - Prob. 14APACh. 6 - Prob. 15APACh. 6 - Prob. 16APACh. 6 - Prob. 17APACh. 6 - Prob. 18APACh. 6 - Prob. 19APACh. 6 - Prob. 20APACh. 6 - Prob. 21APACh. 6 - Prob. 22APACh. 6 - Prob. 23APA
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