Rent control causes larger shortages in the_________ run because over that time horizon,supply and demand are _________ elastic.a. long; moreb. long; lessc. short; mored. short; less
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Rent control causes larger shortages in the
_________ run because over that time horizon,
supply and demand are _________ elastic.
a. long; more
b. long; less
c. short; more
d. short; less
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- Explain and show in a diagram why the short run effects Explain and show in a diagram why the short-run effects of rent control are likely to be less significant than the long-run effects. Explain and show in a diagram why the short run effectsuse diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?Suppose demand is D and supply is S0. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the government of purchasing any and all unsold units?Surplus: Cost to government:
- Plz solve in 1/2 hour it's urgent The market for bananas has the following demand and supply functions Qd= 8 – 3P + Y Qs = 4 + P + 0.5W Where Q is quantity, P is price, Y is income and W is an index of weather. Assume that production is negatively affected by a cyclone. Generate a new supply function accounting for the cyclone shock and assess the effects of poor seasonal conditions on the market outcomes P, Q and revenue.How do price ceilings in the rental housing market affect tenants? a. Since price ceilings keep rents from rising above a certain level, the net gain to tenants is positive. b. Since the supply of rental housing is inelastic in the short run, tenants are not affected by a price ceiling. c. Tenants benefit from price ceilings since landlords have incentives to improve the quality of existing rental housing d. Tenants are worse off from price ceilings since the supply of rental housing falls in the long run."When the British government tripled university fees for foreign students in Great Britain, half of them left to study in other countries". A) What is the implied price elasticity of demand by foreigners for a British education is (in absolute value)? B) How will this move affect the university revenues from foreign students in Great Britain?
- Predict the impact on each market. Use + and – to indicate whether there will be anincrease or decrease in demand (D), supply (S), equilibrium price (P) and equilibriumquantity (Q). If there is no change, use N, and if the change cannot be predicted, use Ufor uncertain. Market Event D S P Q Canadian Wine Early frost destroys a large percentage of the grape crop - - + - Wood-burning The price of heating oil and natural gas triples + stoves Cell phones Technological advances reduce the costs of producing cell phones Gold Large gold deposits are discovered Fast foods The public show great concern over high sodium and cholesterol in fast foods; also, there is an increase in the minimum wage Bicycles There is increasing concern by consumers about physical fitness; also, the price of gasoline falls.Annual demand and supply for a Company is given by: QD = 19500 – 100P , and Qs=-5000 + 100P %3D 1.Find the equilibrium price and quantity? 2. If price are $100, 110, 130, 180 calculate the value of surplus or shortage in supply at each given price levelWhy might the grants-in-aid expenses in the athletic department financial statement overstate the actual expenditures? a. The actual marginal cost of an athlete to the university may be less than the amount of his or her scholarship b. The NCAA requires schools to use out-of-state tuition as the proxy for the cost of an education, which inflates the reported expense c. Athletic directors have been known to inflate these figures as a way to extract larger subsidies from the university d. Most schools combine the scholarship expenses of both athletes and nonathletes
- microeconomics 1)given U(x,y) if owprice elasticity is -6/5 and cross price elasticity to x is 1/5 find income elasticity 2) given a production fuction Q=2(L)^1/2 price of labors and goods are w and p find quantity produced that maximize profits Please answer both sir I have no more questions left sirexplain the rise in housing demandMarket Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q The government imposed a P300 tax on Producers Draw the graph for items 2-3 Determine the New eQ What is the Pb?