The market demand and supply for renting apartments in the Midrand area is given as: Demand: p = 12 000 - 5Qd Supply: p = 800 + 3Qs 5. What is the landlord’s total revenue at the equilibrium price? [1] R7 000 000. [2] R12 000 000. [3] R8 000 000. [4] R1 400 000. 6. If the government implements an effective rent ceiling of R4 100 in the Midrand area, what are the search costs? [1] R0. [2] 2 640 000. [3] 1 320 000. [4] 72 000. 7. What price will the customers be willing to pay on the black market? [1] R5 000. [2] R4 100. [3] R6 500. [4] R1 400.
The market demand and supply for renting apartments in the Midrand area is given as: Demand: p = 12 000 - 5Qd Supply: p = 800 + 3Qs 5. What is the landlord’s total revenue at the equilibrium price? [1] R7 000 000. [2] R12 000 000. [3] R8 000 000. [4] R1 400 000. 6. If the government implements an effective rent ceiling of R4 100 in the Midrand area, what are the search costs? [1] R0. [2] 2 640 000. [3] 1 320 000. [4] 72 000. 7. What price will the customers be willing to pay on the black market? [1] R5 000. [2] R4 100. [3] R6 500. [4] R1 400.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The market demand and supply for renting apartments in the Midrand area is given as:
Demand: p = 12 000 - 5Qd
Supply: p = 800 + 3Qs
5. What is the landlord’s total revenue at the
[1] R7 000 000.
[2] R12 000 000.
[3] R8 000 000.
[4] R1 400 000.
6. If the government implements an effective rent ceiling of R4 100 in the Midrand area, what are the search costs?
[1] R0.
[2] 2 640 000.
[3] 1 320 000.
[4] 72 000.
7. What price will the customers be willing to pay on the black market?
[1] R5 000.
[2] R4 100.
[3] R6 500.
[4] R1 400.
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