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- How are rent controls likely to affect the market for housing in a city? Create a graph illustrating the market for apartments without rent controls to help with your answer. What does it mean, in terms of this market for the rent control to be effective? Would you recommend such a policy?City A and City B are on the opposite sides of the River. Suppose A imposes rent controls. With the use of diagrams explain what effect these controls will have upon the housing markets in A and B City?Question 13.13 Which of the following is a consequence of rent controls established to keep housing affordable for the poor? Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices. The quality of rental housing declines as landlords lack the funds and incentive to maintain properties. Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled. All of the above are consequences of rent controls.
- The equilibrium rent in a town is $500 per month, and the equilibrium number of apartments is 100. The city now passes a rent control law that sets the maximum rent at $400. The diagram on the right summarizes the supply and demand for apartments in this city. Use this figure to complete the tables below. (enter your answers mathematically as the sum of the areas. Eg., A+C-B. Simplify your answers.) TABLE 1: Before Rent Control Consumer Surplus Producer Surplus Social Surplus Price 500 400 A C F 60 B D 100 D Quantity ✓ ✓ Gplease plot a graph showing the effect of a government subsidy on the market for surgical masks.The table shows the demand and supply schedules for on-campus housing. If the college puts a rent ceiling on rooms of $350 a month, rent is $7 and the number of rooms rented is 4. The on-campus housing market is inefficient Rent (dollars per month) 250 275 300 325 350 375 Quantity demanded 2,500 2,250 2,000 1,750 1,500 1,250 (rooms) Quantity supplied 2,000 2,000 2,000 2,000 2,000 2,000 Next
- A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company’s anticipated demand over the lifetime of the bridge: If the government were to build the bridge, what price should it charge?The graph shows the rental market for apartments in Alexandria, Virginia. If the city government imposes a rent ceiling of $1,200 a month, what is the rent and how many apartments are rented in Alexandria, Virginia? If a black market develops, how high could the black market rent be? >>> Remember that the quantity given on the x-axis is in thousands of apartments. (...) The rent is $ 1200 a month and 2000 apartments a month are rented. If a black market develops, the black market rent may be as high as $2400 a month. 2800 2600- 2400 2200- 2000- 1800- 1600- 1400- 1200- 1000- 800+ 0 Rent (dollars per month) D 2 4 6 8 10 Quantity (thousands of apartments) L S 12 Q Q Time Remaining: 00:18:51A company decides to eliminate the pollution it was causing. The result was a “socially efficient level of production, but the cost of production increased. What happens to the equilibrium price and quantity demanded? The price decreases and the quantity demanded decreases The price increases and the quantity demanded increases The price increases and the quantity demanded decreases The price decreases and the quantity demanded decreases
- Using the demand and supply graph given below, explain the impact of the ban in the market for cigarettes.With the help of appropriate diagrams, explain how a tax can be used to reduce the consumption of a harmful product such as cigarettes.Rent control is common in some cities, particularly in the United States. You will have noticed some of the consequences in movies or TV shows, usually police stories, set in the high-rise areas of New York City, for example. Suppose you have been given the following information about the market for rental housing in Winona: Quantity Demanded Rent (dollars per month) $500 550 600 650 700 750 800 20,000 15,000 10,000 5,000 2,500 1,500 1,000 a) What is the equilibrium rent? b) What is the equilibrium quantity of rented housing? Quantity Supplied 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Now suppose that a rent ceiling of $700 is imposed in the housing market for Winona. c) What is the quantity of housing demanded? d) What is the quantity of housing supplied? e) Is there excess demand for or excess supply of housing with the imposition of a rent ceiling? Explain what is happening in the market for rental housing market in Winona.
