Don't use Ai.Answer in step by step with explanation. Select the answers from the boxes that make each statement correct.In the long run, the shortages of available housing resulting from rent controls areare in the short run.pronounced than (as) theyOne explanation for this is that in the long run, firms can makes changes to the amount of housing they provideeasily than (as) they can in the short run.Because of differences in firms' ability to make changes to quantity supplied, the long-run supply curve for housing ismodeled as a line that isTherefore, supply issteep than (as) the short-run supply curve.elastic in the short run than (as) in the long run.

1. Long-Run Shortages from Rent ControlsIn the long run, shortages of available housing resulting…

Answered: Select the answers from the boxes that…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

See similar textbooks

Similar questions

can you help me with thia qustion Doug William, the owner of a corner store, estimates that the supply and demand for a specialized energy drinkcould be described by the following equations D : q=−25 p+345 , S : q=50 p−330,where p represents the price in dollars per case (each case contains 12 bottles), and q represents the number ofcases sold each week (a) Determine the market equilibrium price and quantity.
With the outbreak of COVID-19, many people in Hong Kong choose cooking athome instead of dining out to reduce the chance of contacting Coronavirus. At thesame time, it is observed that many restaurants have closed down.Given that many restaurants cut their menu prices in this period, explain, with theaid of a supply-and-demand diagram, how the above changes affect the market fordining out meals in restaurants.
What are independent demand items? What two basic ordering systems are used for theseitems? What are dependent demand items? What system should be used to order these items?
At a price of x dollars, the supply function for a music player is q = 75e0.002, where q is in thousands of units. How many music players will be supplied at a price of 300? (Round to the nearest thousand.) thousand units Find the marginal supply Marginal supply(x) = Which is the best interpretation of the derivative? O The rate of change of the price as the quantity supplied increases The quantity supplied if the price increases O The rate of change of the quantity supplied as the price increases O The price at a given supply of units O The number of units that will be demanded at a given price
Your research department estimates that the supply function for high definition televisions (HDTVs)is given byQ = 2,000 + 3 Px  − 4 Pt  −  Pwwhere Px is the price of HDTVs, Pt represents the price of a tablet, and Pw is the price of an inputused to make HDTVs. Suppose HDTVs are sold for $400 per unit, tablets are sold for $250 per unit,and the price of an input is $1,400. How many HDTVs are produced?
Consider the demand ftunction for processed pork in Canada, Q, = 796.00 - 37p • 20p, + 3p. + 0.002Y %3D The supply function for processed pork in Canada is: Q = 363.00 + 54p - 60ph pis the price of pork Pp is the price of beof = $4 per kg Q is the quantity of pork demanded Pe is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is S and the equilibrium quantity of pork is milion kg per year. (Enter numeric responses using real numbers rounded up to two decimal places.)
Complete the following
G.146.
Copy of The following graph displays four supply curves (HH, II, JJ, KK) that intersect at point A. PRICE (Dollars per unit) 400 360 320 280 240 200 160 120 80 40 0 H 0 40 80 A SE H + 120 160 200 240 280 320 360 400 QUANTITY (Units) Using the graph, choose the statements that are true: Between points A and C, curve KK is inelastic. Between points A and B, curve II is perfectly inelastic. Curve KK is more elastic between points A and C than curve JJ is between points A and D. Between points A and E, curve HH is perfectly inelastic.
The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…
Consider the market for cellophane tape where the demand is described by the equation Q = 70 - 10P and the supply is described by the equation Q = -10 + 10P. Quantity, Q is measured in thousands per week and the price P, is dollars per unit. At the market price of $3, the quantity of cellophane tape sold is O O OO 10 thousand per week. 20 thousand per week. 30 thousand per week. 40 thousand per week.
Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. Monthly Rent Apartments Demanded Apartments Supplied $2,750 10,000 15,000 2,250 12,500 12,500 1,750 15,000 10,000 1,250 17,500 7,500 750 20,000 5,000 Instructions: Enter your answers as whole numbers. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price is: Market equilibrium quantity is: b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,750, will there be a surplus or a shortage? Of how many units? How many units will actually be rented each month? c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $2,750 per month. If the government can enforce that…

SEE MORE QUESTIONS

Recommended textbooks for you

Exploring Economics

Economics

ISBN:

9781544336329

Author:

Robert L. Sexton

Publisher:

SAGE Publications, Inc

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Exploring Economics

Economics

ISBN:

9781544336329

Author:

Robert L. Sexton

Publisher:

SAGE Publications, Inc

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

MACROECONOMICS FOR TODAY

Economics

ISBN:

9781337613057

Author:

Tucker

Publisher:

CENGAGE L

Economics For Today

Economics

ISBN:

9781337613040

Author:

Tucker

Publisher:

Cengage Learning

Brief Principles of Macroeconomics (MindTap Cours…

Economics

ISBN:

9781337091985

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS