a) Draw a supply and demand curve for rental apartments. Label your axis and pick an equilibrium rental price of $1000 a month and a quantity of apartments at 1000; b) Now draw in a scenario above to represent rent control at $800. Label the graph correctly to show a shortage of 200 apartments.
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- New York City has a long-standing policy of controlling rents in certain parts of the city—in essence,a price ceiling on rent. Is the market for apartmentslikely to be efficient or inefficient? What does thisimply for the size of total surplus?Demand and supply equations for housing market per month are given below.• Demand for housing: ?? = 2500 − 0.5 ?• Supply of housing: ?? = −500 + ?a) Draw the demand and supply curves for housing market in one graph.b) Find the equilibrium quantity and price for housing.c) Compute the consumer and producer surplus in equilibrium. d) Suppose that the government set a rent ceiling at $1800. What are the quantities of housing supplied and demanded at this price? In this case, is there a shortage or surplus of houses?e) How does the price ceiling affect the efficiency in the housing market?f) Calculate the deadweight loss in the housing market after the price ceiling is imposed by the government.g) Calculate the potential spending for housing search activitiesPlease answer D, E, & F. Demand, Supply, consumer surplus, Market Equilibrium Price floor. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum. QD = 80,000 – 20,000Px (Demand) QS = - 20,000 + 20,000Px (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Answer the following questions: A. What is the condition for market equilibrium? B Calculate the market equilibrium price and equilibrium output? C. What is the inverse demand curve P = f (QD)? D. Compute the consumer surplus at the equilibrium price. E. What is the inverse supply curve P = f (Qs)? F. Compute the producer surplus at the equilibrium price.
- Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q Assume that the government provided subsidy amounting to P150 to consumers Draw the graph on item 2 Determine the PbMarket Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q Assume that the government provided subsidy amounting to P150 to consumers Draw the graph on item 2 Determine the new EQThe town council is contemplating the imposition of a R350 per month rent ceiling on apartment rooms in the town. An economist at the university estimates the demand and supply curves as: QD = 5600 - 8P QS = 500 + 4P, where P = monthly rent, and Q = number of apartments available for rent. For purposes of this analysis, apartments can be treated as identical. a) Calculate the equilibrium price and quantity that would prevail without the price ceiling.[1] b) Calculate producer and consumer surplus at this equilibrium. [3] c) Provide a rough sketch of the information calculated in (a) and (b). [2] d) What quantity will eventually be available if the rent ceiling is imposed? What is the amount of the shortage? [2] e) Calculate then resulting impact on consumer and producer surplus.[3] f) What is meant by deadweight loss? Why does a price ceiling usually result in a deadweight loss? In your answer explain the impact on both producers and consumers. [4]
- Demand and supply equations for housing market per month are given below.• Demand for housing: ?? = 2500 − 0.5 ?• Supply of housing: ?? = −500 + ? A) Suppose that the government set a rent ceiling at $1800. What are the quantities ofhousing supplied and demanded at this price? In this case, is there a shortage orsurplus of houses?B) How does the price ceiling affect the efficiency in the housing market?C) Calculate the deadweight loss in the housing market after the price ceiling isimposed by the government.D) Calculate the potential spending for housing search activities.No Plagirism Please! Price controls on rents are frequently implemented by governments in an effort to protect renters from high housing prices. Differentiate the type of price control used from other potential price controls, and then formulate reasons as to why governments should be careful when implementing these types of controlsSuppose the rent control (price ceiling) in California will be nullified for a year and that market rents will now be institutionalized. Assume that all apartment units are of identical structure and so are offered at the same rent. To address the plight of the residents, especially those who may be unable to pay the market rent, an income subsidy will be given to all low-income households equal to the difference between the old controlled rent and the new market rent. In a diagram, show the effect on the market for apartments the elimination of rent control. What will happen to the quality and quantity of rental housing supplied by the apartment owners? Use another diagram to show the additional effect of the income subsidy on the apartment market. What effect does it have on the market rental and quantity of apartments supplied in comparison to your answers to (a) Are the renters or tenants better or worse off as a result of these policies? What about the rentees or the landlords,…
- Suppose the rent control (price ceiling) in California will be nullified for a year and that market rents will now be institutionalized. Assume that all apartment units are of identical structure and so are offered at the same rent. To address the plight of the residents, especially those who may be unable to pay the market rent, an income subsidy will be given to all low-income households equal to the difference between the old controlled rent and the new market rent. In a diagram, show the effect on the market for apartments the elimination of rent control. What will happen to the quality and quantity of rental housing supplied by the apartment owners?Continuos income streams(total value, present value,future value) Consumers surplus and producers surplus A national study of U.S. colleges results in a demand equation q=20000-2p where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges. Officials at ESU have developed a policy to guide the number of students it will accept at a tuition level of p dollars. It is summarized in the equation q=7,500=0.5p. find the quilibruim tuition price p. find the consumers surplus for price p. find the producers surplus for pruce p. Find the total social gain.suppose the demand and supply equation for eggs in market is: Qd= 100-2p; Qs= 10+40p Complete the given table Graphically show the equilibrium Find PED: for 0.5 to 1.5 and 2.5 to 1.0 What happened to the eggs market if Government increases tax on poultry farm business and on the other hand consumer decreases the consumption of eggs because of reeducation in their income level (show and explain graphically) Price 0.5 1.0 1.5 2.0 2.5 Qd Qs