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…

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 2TY

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Similar questions

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
Complete the following
A recent study found that the demand and supply schedules for financial calculators are as follows: Price/calculators Quantity Demanded Quantity Supplied 20 160 40 40 140 60 60 120 80 80 100 100 100 80 120 120 100 Co an Coll 80 60 40 D. 20 40 60 80 100 120 140 160 a) Determine: Price of Equilibrium_ and Quantity of Equilibrium b) Determine the effect of $60 Price Ceiling. Is it binding? Why? Will it cause Shortage or Surplus? And by how much? c) Determine the effect of $120 Price Floor. Is it binding? Why? Will it cause Shortage or Surplus? And by how much?
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.
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.
amaldong no Nowboy 2) Suppose that a furniture manufacturer is willing to supply x tablets at a tounding P = S(x) = 2x² - 30x + 300 dollars each, and has found that consumers are willing to purchase x tablets at a price of p = D(x) = -10x +1050 dollars each. Put units on all of your solutions. a.) Sketch the graphs of the supply and demand functions on the same axis. Label your y intercepts, the units on the axis, and your functions clearly. Find Equilibrium price and quantity and label it on your graph. LONGAT pub Gen Equilibrium Price = Equilibrium Quantity = b.) Shade in the region that represents Producers' Surplus at equilibrium Write the expression (with the definite integral) that represents the amount of producers' surplus and find it 8.01 NOHA c) Write the expression (with the definite integral) that represents the Consumers' surplus and find it.
Consider the rental market for apartments depicted below. Suppose excess supply at P3 is 39 units. What is Q3 ?
If Charmin discovered a new, cheaper, production method for toilet paper would this, ceteris paribus, be reflected as a change in demand or a change in supply in the market for Charmin toilet paper - a normal good?  Explain. Be sure to clearly identify a textbook variable or determinant that is causing this change.  Would this change be an increase or decrease?  Explain.  Would this change result in a surplus or in a shortage in the market for Charmin toilet paper?  Explain.  Given this surplus or shortage, how will a new equilibrium be established?  What do you predict will happen to the equilibrium price and the equilibrium quantity exchanged in the market for Charmin toilet paper?  Explain.
If the relationship between supply and demand for a given commodity is lincar such that: 2 3 4 Required quantity(kg) 750 700 650 600 550 500 450 Price Supplied quantity(kg) 300 400 500 600 700 800 900 The equilibrium price in this market is...and the equilibrium quantity is ... If the price of 3 S is set at a maximum of this price in the market, it will suffer from the ... in this market by ... Units. If the price of 5 S is set at a minimum for this price in the market, it will suffer from .. in this market by ...units.
What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…

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