How many units will actually be rented

Reference no: EM13189636

Suppose the demand and supply schedules for rental apartment in the city of Gotham are given below Monthly Rent $2500 $2000 $1500 $1000 $500 Apartment Demanded 10,000 12,500 15,000 17,500 20,000 Apartment Supplied 15,000 12,500 10,000 7,500 5,000 Suppose a new government is elected and wants to keep out the poor. It declares that the minimum rent is $2500. If the can enforce this how many units will actually be rented and will there be a shortage or surplus by doing this ?

Reference no: EM13189636

Questions Cloud

Determine the value of bob coin collection : Then graph the equation and use the graph to determine the value of Bob's coin collection if it is 9 years old.

What are the marginal cost of the dominant firm : consider an industry with a dominant firm and several fringe firms. assumes that this is a free-entry industry. a dominant firm given by C(q)=800+20q+q^2. The fringe firms all have the same variable cost as the dominant firm, but doubled fixed cos..

What is the gross profit percentage : if the store purchases a product at a wholesale cost of 1.65 and it is sold at 2.20 what is the gross profit percentage.

How many times the mass of uranus is the mass of the sub : The mass of Uranus is about 8.7 x 10^22 metric tons. The mass of the sun is about 1.998 x 10^27 metric tons. About how many times the mass of Uranus is the mass of the sub? Give you answer in scientific notation.

How many units will actually be rented : demand and supply schedules for rental apartment in the city of Gotham are given below Monthly Rent $2500 $2000 $1500 $1000 $500 Apartment Demanded 10,000 12,500 15,000 17,500 20,000 Apartment Supplied 15,000 12,500 10,000 7,500 5,000 Suppose a ne..

Find a specific partial sum which is guaranteed : A computer gives the approximate value .84776 to 5 digit accuracy for the sum of the series: (-1)^n/[n(lnn)^2], from n=2 to infinity. Find a specific partial sum which is guaranteed to give this number to 5 digit accuracy?

What are rational expressions : What are rational expressions? Why must we always be mindful of the final value of the denominator in a ration expression? For example, consider the rational expression 3x(x^2-16). What values in the denominator must be we be mindful of? Explain w..

Determine extreme points of linear combination : Suppose that two people, Michelle and James each live alone in an isolated region. They each have the same resources available, and they grow potatoes and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200..

What is the highest degree x-term : For the expression :4x^3 +2x^4 +6xy^2, what is the degree of this polynomial expression and what is the highest degree x-term?

User Account

All Pages