Rent (per month) $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 60 70 80 Post-hurricane supply 90 100 Pre-hurricane supply Market demand 110 120 130 Quantity (thousands of units per month) Based on the News Wire, a. what is the initial (pre-hurricane) equilibrium rent per month? b. how large is the pre-hurricane shortage? c. what is the post-hurricane equilibrium rent? d. what is the pre-hurricane quantity? e. what is the post-hurricane quantity? f. how large is the post-hurricane shortage at the pre-hurricane equilibrium rent? $ 1,000 thousand apartments per month thousand apartments per month thousand apartments per month thousand apartments per month

Rent (per month) $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 60 70 80 Post-hurricane supply 90 100 Pre-hurricane supply Market demand 110 120 130 Quantity (thousands of units per month) Based on the News Wire, a. what is the initial (pre-hurricane) equilibrium rent per month? b. how large is the pre-hurricane shortage? c. what is the post-hurricane equilibrium rent? d. what is the pre-hurricane quantity? e. what is the post-hurricane quantity? f. how large is the post-hurricane shortage at the pre-hurricane equilibrium rent? $ 1,000 thousand apartments per month thousand apartments per month thousand apartments per month thousand apartments per month

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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