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Question in rent control
Some 200 American cities have rent controls designed to protect residents from high housing prices. When city governments back the price of rental housing below the equilibrium price level, the amount of housing demanded by consumers exceeds the amount that landlords are willing to make available. Answer the following questions:
What will the black market look like?What are some of the clever strategies that landlords might use to create a black market?How will the price ceiling effect the future supply of rental houses?What will happen to the quality of rental housing?Explain how the price system normally works to facilitate an efficient rationing of apartments.What is the difference between price rationing and non-price rationing?What non-price methods of rationing will landlords use to discern whom they should rent to?How will efficiency and convenience be affected?What will it be like for renters to move to other locations that are more convenient for work or family?Who benefits the most from rent control, long-term renters, or newcomers?In light of this discussion, what policies would you propose to promote affordable housing?
Compute the effective price reduction resulting from the coupon promotion.
Suppose the firm raised the price to $4.00 while increasing its advertising expenditure by $100. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule and a demand curve.
Elucidate what should the US Congress also the Federal Reserve do about it?
All economics textbooks give examples that show diminishing marginal utility as consumption rises-However, it could be argued that a rational buyer should never experience negative marginal utility. Why?
Explain why is it that for sellers in a purely competitive marketplace, the price received for each item equals the marginal revenue.
Discuss how a change in price affects total expenditure by filling in each cell with resulting change in total expenditure.
Discuss why the same types of problems may exist in government as well, where elected officials are the agents and voters are the principals.
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
Elucidate what would the elasticity of supply have to be for a food stamp program to increase the availability of food to the poor with no prices increase.
Explain her change in consumption in terms of income and substitution effects (give a precise quantitative answer). Is this a Griffin good (how do you know)?
You are a budget analyst in a California State legislative budget committee and have been asked to prepare a policy brief on the budget issue for the state.
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