Monthly rent Quantity demanded Quantity supplied $600 800 140 $650 650 210 $700 500 280 $750 350 350 $800 200 420 What is the market price without rent control? $ How many one-bedroom apartments will be rented after the rent control law is passed?
Monthly rent Quantity demanded Quantity supplied $600 800 140 $650 650 210 $700 500 280 $750 350 350 $800 200 420 What is the market price without rent control? $ How many one-bedroom apartments will be rented after the rent control law is passed?
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter4: Prices: Free, Controlled, And Relative
Section: Chapter Questions
Problem 6QP
Related questions
Question
Monthly rent |
Quantity demanded |
Quantity supplied |
---|---|---|
$600 | 800 | 140 |
$650 | 650 | 210 |
$700 | 500 | 280 |
$750 | 350 | 350 |
$800 | 200 | 420 |
What is the market price without rent control? $
How many one-bedroom apartments will be rented after the rent control law is passed?
Expert Solution
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Step 1
What is the market price without rent control?
Answer:
Market price without rent control is equilibrium price where demand equal supply
Quantity Demanded = Quantity Supplied = 350
At Eqilibrium quantity, the market price without rent control is $750
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