2. The market for apartments in the town of Westville is currently in equilibrium, and consumers are renting 700 apartments at a price of $1,000 per apartment. (a) Assuming that the supply of apartments is perfectly inelastic, draw a correctly labeled graph for the apartment market and label the equilibrium price and quantity using the values above. (b) Now assume the government imposes a price (rent) ceiling of $800 for an apartment. On your graph in part (a), show the following. (1) The price ceiling at $800 (ii) The quantity demanded, labeled as Qa (iii) The quantity supplied, labeled as Q, (c) On your graph, shade completely the area representing the consumer surplus after the imposition of the price seiling,

Q: three types of business activities? Distinguish one from the other

A: Business activity can be considered as an economic activity and a profession at the same time.…

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: Why do companies have to study their environment first before venturing into new business?

A: In economics and business, the environment refers to the surrounded area where people make economic…

Q: Raffe, an American, works for a company that manufactures electronics. His managers select him for…

A: Raffe is an American and his manager select him for an assignment to lead the launch of a new…

Q: Circular flow

A: Circular flow: - a circular flow of income shows the exchange of money, resources, goods, and…

Q: Can someone answer more of the questions?

A: Disclaimer- “Since you have asked multiple question, we will solve the last three question of 1st…

Q: Send a letter to a future student. The letter should discuss: • how to be a successful college…

A: Detailed explanation: In crafting the letter to a future student, I focused on sharing practical…

Q: what affects the way you spend money the most?

A: The way we spend money is influenced by a variety of factors. The most significant of these are…

Q: Where did the $98 come from?

A: Deadweight loss can be described as the loss of total welfare or the social surplus because of…

Q: 1. I, Jelaika Jade Locsin Montesa, a fresh graduate of the University of Santo Tomas wish to inform…

A: This sentence is not effective because it is too long and flowery. It also does not specifically…

Q: What is the sequence of events in a literary work?

A: Being able to be able to identify the event components like the beginning, middle, and end is known…

Q: is how much of a product or service people are willing to buy at a specific price. Your answer…

A: Answer: (1). Quantity demanded is how much of a product or service people are willing to buy at a…

Q: I need to know where to start in Excel

A: Here is the process of setting up the Excel spreadsheet and creating the necessary charts with a…

Q: How is the business enterprise organized

A: The five most important steps in the process of starting a business a successful manner . Following…

Q: business

A: Being business minded implies being able to see that there always exists a better way. It is the…

Q: Give example of merit

A: Merit pay refers to performance-related pay which provides bonuses or base pay increases for…

Q: Why do managers make bad decisions?

A: Managers and leaders are simply human, and people aren't ideal decision-makers, so anticipate a…

Q: Show working out and answer to h?

A: In this case, revenue generation of Tesco is given here. We have to show the evenly distributed…

Q: Hazel is thinking of making some of her operations sustainable. Construct some ideas that she might…

A: Hazel can perform the lawn service herself, saving money on hiring personnel.

Q: 8 Write an email (120-150 words) to ask for • information about an activity that you would like to…

A: Subject: Inquiry About Yoga Classes Dear Sir/Madam, I recently came across your yoga classes while…

Q: What are three ways that starting a new business helps the economy?

A: The concept of management and development of a business venture for gaining profit through taking…

Q: A pharmaceutical corporation has developed a unique new drug, making the company a monopoly. Demand…

A: For a monopoly, profit maximization occurs at the point where MR equals MC