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The Chicago City Council is concerned about the high rents being charged to some residents and is contemplating the imposition of a $600 per month rent ceiling on apartments in the city. An economist at UIC estimates the demand and supply curves as: QD = 9200 - 8P and QS = -400 + 4P.
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 City Council to implement the policy?
q.in the wake of the energy crisis in california many electricity generating facilities across the nation are
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A common criticism of retail sales and excise taxes is:
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Large-scale wars typically bring a suspension of international trading and financial activities. Exchange rates lose much of their relevance under these conditions, but once the war is over governments wishing to fix exchange rates face the problem o..
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