Apartments Supplied 15,000 12,500 10,000 Apartments Demanded Monthly Rent $2,500 2,000 1,500 1,000 10,000 12,500 15,000 17,500 7,500 500 20,000 5,000 Instructions: Enter your answers as a whole number. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price = $ Market equilibrium quantity = |apartments b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? |(Click to select) ♥ Of how many units? apartments per month How many units will actually be rented each month? apartments c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that landlords can charge is $2,500 per month. If the government can enforce that price floor, will there be a surplus or a shortage? |(Click to select) ♥ Of how many units? apartments per month And how many units will actually be rented each month? apartments

Apartments Supplied 15,000 12,500 10,000 Apartments Demanded Monthly Rent $2,500 2,000 1,500 1,000 10,000 12,500 15,000 17,500 7,500 500 20,000 5,000 Instructions: Enter your answers as a whole number. a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price = $ Market equilibrium quantity = |apartments b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1,500, will there be a surplus or a shortage? |(Click to select) ♥ Of how many units? apartments per month How many units will actually be rented each month? apartments c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that landlords can charge is $2,500 per month. If the government can enforce that price floor, will there be a surplus or a shortage? |(Click to select) ♥ Of how many units? apartments per month And how many units will actually be rented each month? apartments

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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* My Account x VHL Central x * VHL | VISTA X Launch Mee x O Your Shoppi x O Settings - AX ! Downloads x B Blackboard X D Announcem X A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/g -> -> E Apps G Gmail O YouTube O Maps Assignment: Chap 7 6 Saved Help Save The annual output and prices of a three-good economy are shown in the table below. Quantity of Goods Year 1 Quantity of Goods Year 2 10 Good Price Year 1 Price Year 2 points Quarts of ice cream Bottles of shampoo Jars of peanut butter $4.00 3 $3.00 $2.00 $4.00 $3.00 $2.00 1 2 3 eBook Instructions: Enter your answers as a whole number. Print a. What was the economy's nominal GDP in year 1? References b. What was its nominal GDP in year 2? $1 %24 Mc Graw Hill DD 888 $11 esc F5 F6 F7 FR F9 F10 F1 F2 F3 F4 @ 23 $ & 2 4 6. 7 8 9