不 Use the information in the following table (and in the graph) on the market for apartments in Bay City to answer the following questions. Rent $300 400 500 600 700 800 Quantity Demanded 325,000 300,000 275,000 250,000 225,000 200,000 Quantity Supplied 175,000 200,000 225,000 250,000 275,000 300,000 In the absence of rent control, what is the equilibrium rent and the equilibrium quantity of apartments rented? Equilibrium rent is $ and the equilibrium quantity is responses as integers.) thousand apartments. (Enter your Price (dollars per month) 1000- 900- 800 700- 600- 500- 400- 300- 200- 100- 04 0 Supply Price Ceiling Demand 50 100 150 200 250 200 250 300 350 300 350 400 Quantity (apartments per month in thousands) Q Q

不 Use the information in the following table (and in the graph) on the market for apartments in Bay City to answer the following questions. Rent $300 400 500 600 700 800 Quantity Demanded 325,000 300,000 275,000 250,000 225,000 200,000 Quantity Supplied 175,000 200,000 225,000 250,000 275,000 300,000 In the absence of rent control, what is the equilibrium rent and the equilibrium quantity of apartments rented? Equilibrium rent is $ and the equilibrium quantity is responses as integers.) thousand apartments. (Enter your Price (dollars per month) 1000- 900- 800 700- 600- 500- 400- 300- 200- 100- 04 0 Supply Price Ceiling Demand 50 100 150 200 250 200 250 300 350 300 350 400 Quantity (apartments per month in thousands) Q Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In an effort to increase the amount of housing development in Los Angeles a new zoning ordinance has passed that allows homeowners to add small dwelling units to their existing residential lots. Explain what the expected result will be in terms of the market supply and demand for housing and the change in the market equilibrium. Provide graphs to illustrate this change.
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Ab 52 Economics