Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 6, Problem 2SPA
To determine
Effect of rent ceiling set below equilibrium rent.
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Consider the following data from the market demand and supply for apartments.
a. Suppose that the average monthly rent for apartments is $1,200. At this price, how many apartments will be rented in this market?
_____apartments
b. Is the market currently in equilibrium, experiencing a shortage, or experiencing a surplus?
equilibrium
surplus
shortage
c. What do you expect to happen to the average rent?
fall
rise
will not change
d. What is the equilibrium rent and quantity in the market?
Equilibrium rent: _____$
Equilibrium quantity: _____apartments
Use the following information to answer questions 19 and 20:
Suppose that scooter workers accept a pay cut of 2 dollars per hour.
19) Draw a graph to show how this would affect the market for scooters.
20) Why does this shift occur? How does that affect the equilibrium price and quantity? Explain.
Above is the supply and demand graph in a market. Answer the following questions based on the graph:
3.1. What are the equilibrium price and quantity in the market?
3.2. What are the quantity supplied, quantity demanded, and price at a shortage of 400 units?
3.3. Whar are the quantity supplied, quantity demanded, and price at a surplus of 200 units?
Chapter 6 Solutions
Macroeconomics
Ch. 6.1 - Prob. 1RQCh. 6.1 - Prob. 2RQCh. 6.1 - Prob. 3RQCh. 6.1 - Prob. 4RQCh. 6.2 - Prob. 1RQCh. 6.2 - Prob. 2RQCh. 6.2 - Prob. 3RQCh. 6.2 - Prob. 4RQCh. 6.2 - Prob. 5RQCh. 6.3 - Prob. 1RQ
Ch. 6.3 - Prob. 2RQCh. 6.3 - Prob. 3RQCh. 6.3 - Prob. 4RQCh. 6.3 - Prob. 5RQCh. 6.4 - Prob. 1RQCh. 6.4 - Prob. 2RQCh. 6.4 - Prob. 3RQCh. 6.4 - Prob. 4RQCh. 6.4 - Prob. 5RQCh. 6.5 - Prob. 1RQCh. 6.5 - Prob. 2RQCh. 6.5 - Prob. 3RQCh. 6.5 - Prob. 4RQCh. 6 - Prob. 1SPACh. 6 - Prob. 2SPACh. 6 - Prob. 3SPACh. 6 - Prob. 4SPACh. 6 - Taxes (Study Plan 6.3) 5. The table in the next...Ch. 6 - Prob. 6SPACh. 6 - Prob. 7SPACh. 6 - Prob. 8SPACh. 6 - Prob. 9APACh. 6 - Prob. 10APACh. 6 - Prob. 11APACh. 6 - Prob. 12APACh. 6 - Prob. 13APACh. 6 - Prob. 14APACh. 6 - Prob. 15APACh. 6 - Prob. 16APACh. 6 - Prob. 17APACh. 6 - Prob. 18APACh. 6 - Prob. 19APACh. 6 - Prob. 20APACh. 6 - Prob. 21APACh. 6 - Prob. 22APACh. 6 - Prob. 23APA
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