Business, 11.12.2019 20:31 Jessietorres2123
The elected officials in a west coast university town are concerned about the "exploitative" rents being charged
to college students. the town council is contemplating the imposition of a $350 per month rent ceiling on
apartments in the city. 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. calculate producer and consumer surplus at this equilibrium
(sketch a diagram showing both). b. what quantity will eventually be available if the rent ceiling is imposed?
calculate any gains or losses in consumer and/or producer surplus. c. does the proposed rent ceiling result in net welfare gains? would you advise
the town council to implement the policy?
Answers: 3
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The elected officials in a west coast university town are concerned about the "exploitative" rents b...
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