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Consider the housing market described by these equations:
(P = price)
Qd = 10 – P (Qd = quantity demanded)
Qs = 2 + P (Qs = quantity supplied)
a. Graph the supply and demand curves for housing.
b. Find the equilibrium price and quantity.
c. Calculate the consumer and producer surplus.
d. Now suppose that a rent control price of $3 is imposed on the market. Find the new equilibrium price and quantity, and the new consumer and producer surplus.
e. Using your answers in b and c, how have consumers and producers been affected?
f. Show the deadweight loss.
The financial manager at Genesis Co is looking into the purchase of an apartment complex for $150,000. Net after-tax cash flows are expected to be $60,000 for each of the next 2 years, then drop to $50,000 for two year. Genesis Co. expects to sell th..
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In the short-run, a firm can experience increasing, decreasing, or constant returns to scale. Decreasing returns to scale are often due to coordination and communication problems that create operating inefficiencies.
Your company is interested in analyzing the behavior of interest rates and the models used to predict interest rates in the future. As an initial project in this area, If the market-clearing price (market equilibrium) of this bond has a return of 20%..
The Individuals with Disabilities Education Act mandates that states and localities provide appropriate education for all students identified as having special needs. States have responded by funding special education using several different mechanis..
Rolston Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $26,300, and the company expects to sell 1,480 per year. The company currently sells 1,980 units of its existing model per year..
According to economists, what is (are) the true cost(s) of a budget deficit? Does the "opening up" of an economy change the type of costs a deficit produces? Use an investment/savings diagram in your answer.
If the labor supply curve is very elastic, a tax on labor:
The purchase of government securities by the Fed from the public will begin a contraction in commercial bank lending. Provide an explanation. Define liquidity. Rank the following assets in order of their liquidity:
If the government reduced spending on everything, except military spending, the deficit would be reduced stimulating the economy and creating full employment. How is this true?
Suppose Roberta's only consumer choice is to pick the optimal amount of blue pens and black pans. No matter what combination of blue and black pens Roberta is holding, she is always willling to give up one black pens for two blue pens. What is a util..
A firm sells its product in a perfectly competitive market where or firms charge a price of $80 per unit. Illustrate what price should firm charge in short run.
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