The graph shows the demand for on-campus student housing at Purdue University in Lafayette, Indiana. The college has 3,000 rooms for rent. What is the equilibrium rent and the equilibrium quantity of rooms rented? If the college sets a rent ceiling on on-campus housing of $75 a week, what is the quantity of rooms rented? Is this outcome efficient? Is it fair? The equilibrium rent is $100 a week and 3000 rooms are rented. If the college sets a rent ceiling on on-campus housing of $75 a week, the quantity of rooms rented is 3000 With the rent ceiling, this market is inefficient The allocation of housing with the rent ceiling is O A. fair because without the rent ceiling, the university would charge too high a rent O B. fair because it makes housing affordable for the poorest students C. unfair because it prevents voluntary exchange and does not necessarily reallocate housing to the poorest students OD. unfair because it makes it difficult for off-campus landlords to compete with on-campus housing 175 150- 125- 100- 75- 50- 25+ Rent (dollars per week) 1500 2000 S 2500 3000 Quantity (rooms) 3500 D 4000

The graph shows the demand for on-campus student housing at Purdue University in Lafayette, Indiana. The college has 3,000 rooms for rent. What is the equilibrium rent and the equilibrium quantity of rooms rented? If the college sets a rent ceiling on on-campus housing of $75 a week, what is the quantity of rooms rented? Is this outcome efficient? Is it fair? The equilibrium rent is $100 a week and 3000 rooms are rented. If the college sets a rent ceiling on on-campus housing of $75 a week, the quantity of rooms rented is 3000 With the rent ceiling, this market is inefficient The allocation of housing with the rent ceiling is O A. fair because without the rent ceiling, the university would charge too high a rent O B. fair because it makes housing affordable for the poorest students C. unfair because it prevents voluntary exchange and does not necessarily reallocate housing to the poorest students OD. unfair because it makes it difficult for off-campus landlords to compete with on-campus housing 175 150- 125- 100- 75- 50- 25+ Rent (dollars per week) 1500 2000 S 2500 3000 Quantity (rooms) 3500 D 4000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Price Ceilings and Price Floors

Price Ceilings and Price Floors strategy is used by the Government to control the prices of certain goods and services in the market. This method helps the Government to protect the interests of both buyers and suppliers in difficult economic times.

Question

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IS THIS CORRECT

The graph shows the demand for on-campus student housing
at Purdue University in Lafayette, Indiana. The college has
3,000 rooms for rent.
What is the equilibrium rent and the equilibrium quantity of
rooms rented?
If the college sets a rent ceiling on on-campus housing of
$75 a week, what is the quantity of rooms rented? Is this
outcome efficient? Is it fair?
The equilibrium rent is $100 a week and 3000 rooms are
rented.
If the college sets a rent ceiling on on-campus housing of
$75 a week, the quantity of rooms rented is 3000
With the rent ceiling, this market is inefficient
The allocation of housing with the rent ceiling is
O A. fair because without the rent ceiling, the university
would charge too high a rent
O B. fair because it makes housing affordable for the
poorest students
C. unfair because it prevents voluntary exchange and
does not necessarily reallocate housing to the poorest
students
O D. unfair because it makes it difficult for off-campus
landlords to compete with on-campus housing
175
150-
125-
100
75+
50-
25+
Rent (dollars per week)
1500
2000
S
2500
3000
Quantity (rooms)
3500
D
4000

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