c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that landlords cancharge is $2,500 per month. If the government can enforce that price floor, will there be a surplus or a shortage?(Click to select)Of how many units?Japartments per monthAnd how many units will actually be rented each month?apartments: Problem 03-07 (algo)Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the following table.Apartments Demanded. Apartments SuppliedMonthly Rent$ 2,5002,0001,5001,00050012,50015,00017,50020,00022,500Instructions: Enter your answers as a whole number.17,50015,00012,500apartments per monthHow many units will actually be rented each month?apartments10,0007,500a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied?Market equilibrium rental price = $1 2000Market equilibrium quantity=[ 12500 apartmentsb. If the local government can enforce atent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or ashortage?(Click to select)of how many units?

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Problem 03-07 (algo) Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the following table. Monthly Rent $2,500 Apartments Demanded Apartments Supplied 2,000 1,500 1,000 500 12,500 15,000 17,500 20,000 22,500 Instructions: Enter your answers as a whole number. 17,500 15,000 12,500 10,000 7,500 a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price $1 2000 Market equilibrium quantity - 12500 apartments b. If the local government can enforce aktent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? [Click to select) of how many units? apartments per month How many units will actually be rented each month? apartments

Problem 03-07 (algo) Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the following table. Monthly Rent $2,500 Apartments Demanded Apartments Supplied 2,000 1,500 1,000 500 12,500 15,000 17,500 20,000 22,500 Instructions: Enter your answers as a whole number. 17,500 15,000 12,500 10,000 7,500 a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price $1 2000 Market equilibrium quantity - 12500 apartments b. If the local government can enforce aktent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? [Click to select) of how many units? apartments per month How many units will actually be rented each month? apartments

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per scooter) 300 275 250 200 175 150 125 100 75 50 0 0 + 3 6 9 x 4 * B Demand 12 15 18 21 24 27 QUANTITY (Scooters) 30 33 36 39 Total Revenue ?
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Q4) Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3QD Ps = 5 + 20s The demand price elasticities is inelastic. From the firms' perspective, the revenue would be higher if price increases. Let's assume that the market is currently not at the equilibrium with the market price being higher by 2 units than the equilibrium price. 1. Find the market quantity 2. Find the new Consumer Surplus 3. Find the new Producer Surplus
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1. Consider two companies involved in the supply chain: a retailer who faces customer demand and a manufacturer who produces and sells ski jackets to the retailer. It costs the manufacturer $30 to manufacture and ship each ski jacket. The retailer plans to sell the ski jacket for $300. At this price, demand for the ski jackets is estimated to be 10000 units with a 20 percent chance of happening, 9000 units with a 40 percent chance of happening, and 8000 units with a 40 percent chance of happening. Any ski jacket not sold during the ski season is sold to a discount store for $20. We refer to this value as the salvage value. Both the manufacturer and the retailer can sell the ski jackets they still have on hand after season for this salvage value. (a) Suppose the manufacturer sells to the retailer at $80/unit. How many ski jackets should the retailer order? How much profit does the retailer expect to make as a result? How much profit will the manufacturer make as a result? (b)What is the…
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