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The demand for apartments is P=1200-Q while the supply is given by P=Q units.
Graph the supply and demand curves.
What is the slope of the supply curve? What is the P-intercept of the supply curve?
What is the slope of the demand curve? What is the P-intercept of the demand curve?
What is the equilibrium price and quantity of apartments?
Now suppose that the government imposes rent control at P=$300/month so the price of apartments in the market is $300/month. At a price of $300/month is there excess demand or excess supply? How much?
Now, suppose the reservation price of each buyer in the market increases by $200/month. What is the new equation of the demand curve?
If the rent control stays at $300/month with the new demand curve, is there excess demand or excess supply? How much?
Define the equilibrium for this environment. Solve for the equilibrium you defined in part. Perform a cost benefit analysis for the project defined in part.
Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted by M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = m5 B5 and wants to produce 10 barrels of pale ale this week. How..
q. 1. suggest how an economist would approach the problem of alcohol abuse. provide two possible solutions to this
Luis wants to have $2,000,000 in net worth when he retires. to achieve this goal, he plans to invest 10,000 each year (starting one year from now) into an account that earns 10% interest compounded annually. The amount of time before Luis can retire ..
If sales fall by 20 percent from 1,000,000 papers per month to 800,000 papers per month, what happens to the Average Fixed Costs per paper?
Fred was suffering from a nasal tissue blockage that could be corrected either through an operation or with medical treatment for about two months. Fred's doctor clearly told him that the condition was not acute and he did not need surgery.
Forecasters predictions of inflation are notoriously inaccurate, so their expectations of inflation cannot be rational.
The Commerce Department revised its estimate of real GDP to $3.877 trillion, up from the earlier estimate of $3.835 trillion. Before adjusting for inflation, GDP was $4.603 trillion, up from $4.523 trillion.
q. speedy growth of the nationwide debt alarmed various politicians as well as created pressure for restricting
How will a cut in Government Spending of $300 billion with a MPC equal to .75 impact AD, inflation, and output? Why? Make sure to include the appropriate equations and graph. How does the cut in Government spending impact the budget deficit and the n..
The players are needed to simultaneously and independently select positive numbers. Find out the Nash equilibrium of this game.
What is the future worth of a series of equal monthly payments of $5,000 if the series extends over a period of six years at 9% interest compounded?
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