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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 $ 3,250 12,500 17,500 2,750 15,000 15,000 2,250 17,500 12,500 1,750 20,000 10,000 1,250 22,500 7,500 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? per month. Market equilibrium rental price is $ Market equilibrium quantity is apartments. b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $2,250, will there be a surplus or a shortage? Shortage Of how many units? apartments per month. How many units will actually be rented each month? apartments. 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 $3,250 per month. If the government can enforce that price floor, will there be a surplus or a shortage? Surplus Of how many units? apartments per month. How many units will actually be rented each month? apartments.

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 $ 3,250 12,500 17,500 2,750 15,000 15,000 2,250 17,500 12,500 1,750 20,000 10,000 1,250 22,500 7,500 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? per month. Market equilibrium rental price is $ Market equilibrium quantity is apartments. b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $2,250, will there be a surplus or a shortage? Shortage Of how many units? apartments per month. How many units will actually be rented each month? apartments. 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 $3,250 per month. If the government can enforce that price floor, will there be a surplus or a shortage? Surplus Of how many units? apartments per month. How many units will actually be rented each month? apartments.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 $ 3,250 12,500 17,500 2,750 15,000 15,000 2,250 17,500 12,500 1,750 20,000 10,000 1,250 22,500 7,500 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? per month. Market equilibrium rental price is $ Market equilibrium quantity is apartments. b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $2,250, will there be a surplus or a shortage? Shortage Of how many units? apartments per month. How many units will actually be rented each month? apartments. 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 $3,250 per month. If the government can enforce that price floor, will there be a surplus or a shortage? Surplus Of how many units? apartments per month. How many units will actually be rented each month? apartments.
Transcribed Image Text: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 $ 3,250 12,500 17,500 2,750 15,000 15,000 2,250 17,500 12,500 1,750 20,000 10,000 1,250 22,500 7,500 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? per month. Market equilibrium rental price is $ Market equilibrium quantity is apartments. b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $2,250, will there be a surplus or a shortage? Shortage Of how many units? apartments per month. How many units will actually be rented each month? apartments. 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 $3,250 per month. If the government can enforce that price floor, will there be a surplus or a shortage? Surplus Of how many units? apartments per month. How many units will actually be rented each month? apartments.
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