Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
Question
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Chapter 5, Problem 8IP

(a)

To determine

Rent control and the availability of apartments.

(b)

To determine

Side payments and the availability of apartments.

(c)

To determine

Impact of eliminating the rent control.

(d)

To determine

Political appeal for rent control.

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Students have asked these similar questions
What does rent control do to the pricing and supply of apartment, units? According to the Wall Street Journal, "Rent control disproportionately subsidizes the affluent. A Harvard University study in the late 1980s found that rent-controlled apartments were in some of the city's best neighborhoods, that 94% of their tenants were white, and roughly three-quarters of their occupants were families without children." Do you think NYC should maintain rent control?
Draw a supply and demand graph showing rent control. Indicate the black market price. Does rent control cause a surplus or a shortage? Is there more or less apartments available to rent?
Next question The graph shows the demand for on-campus student housing at Purdue University in Lafayette, Indiana. The college has 12,000 rooms for rent. Rent (dollars per week) 175- If a rent ceiling of $75 a week is strictly enforced and there is no black market, who gains and who loses? 150- 125- If a rent ceiling of $75 a week is strictly enforced and there is no black market, 100- O A. students who cannot find on-campus housing gain because it's more fun to live off campus 75 B. the university gains because it doesn't have any empty rooms on campus D 50- OC. the university gains and the owners of off-campus housing lose O D. students who get the cheaper on-campus housing gain and the university and those students who cannot find on-campus housing lose cem 25 6000 8000 10000 12000 14000 16000 Quantity (rooms) ne As nt Ass O Time Remaining: 00:55:31 Next npleted 1-significant figures and units of measure Macintosh HD » Users » justinroditti » Downloads Feb 7 is course (ECI Canc O O
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