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The rent control agency of New York City has found that aggregate demand is QD = 160 - 8P. Quantity is measured in tens of thousands of apartments. Price, the average monthly rental rate, is measured in hundreds of dollars. The agency also noted that the increase in Q at lower P results from more three-person families coming into the city from Long Island and demanding apartments. The city's board of realtors acknowledges that this is a good demand estimate and has shown that supply is QS = 70 + 7P.
a. If both the agency and the board are right about demand and supply, what is the free-market price? What is the change in city population if the agency sets a maximum average monthly rent of $300 and all those who cannot find an apartment leave the city?
b. Suppose the agency bows to the wishes of the board and sets a rental of $900 per month on all apart- ments to allow landlords a "fair" rate of return. If 50 percent of any long-run increases in apartment offerings comes from new construction, how many apartments are constructed?
Consider a monopoly where the demand is given by Q = 25 - .5P, Total costs for this monopolist are estimated to be C(Q) = 100 + 2Q + Q2. What is the profit – maximizing output? What is the monopoly profit?
Using the Internet, library and/or other resources, research and briefly explain 2-3 methods currently being used to encourage economic growth for the typical firm in Hong Kong and for the typical firm in Singapore.
Display a diagram in (c1,c2) space that indicates the cost combinations for which firm 2 will choose not to compete. Interpret the equation describing the boundary between the regions where firm 2 does and does not compete.
A person chooses between leisure and consumption. The utility derived from any combination of leisure and consumption is given by the formula: u = LC - 88C where u is utility, L is the number of leisure hours per week, and C is the number of dolla..
Explain what is meant by the hedonic wage function for a job characteristiv such as the probability of an injury. Go on and explain how the function can be deruved from worker prefernces and production technologies.
Distinguish between commonly used trade-restricting devices, including tariffs, quotas, voluntary export restraints, and exchange-rate controls and explain their impact on the domestic economy.
Does either player have a dominant strategy? Does either have a dominated strategy? Explain.
How would you interpret the coef?cient of TFR? A priori, would you expect a positive or negative relationship between CM and TFR? Jus- tify your answer.
Explain the difference between a shift in the supply curve and a movement along the supply curve.
a study of the costs of electricity generation for a sample of 56 british firms in 1946-1947 yielded the following
A recent study by Web Mystery Shoppers International indicates that holiday gift cards are becoming increasingly popular at online retailers. Do you think online gift cards are merely a fad?
Summarize the major aspects of your personality based on the personality assessment you completed and summarize the cognitive abilities you have that apply to the workplace.
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