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Suppose a town decides to give a $100 subsidy to each renter to help with rent payments. Thus if initially the rent had been $1,000, with the $100 subsidy the out-ofpocket cost to the renter of a one-bedroom apartment is only $900. Using the data from Problem 9, answer each of the following questions.
(a) Using the data from Problem 9, draw the demand curve before the subsidy. How does this subsidy affect the demand for one-bedroom apartments? Draw the new demand curve after the subsidy is introduced.
(b) If the supply of apartments is fixed at 1,200 units, what is the equilibrium price before the subsidy? What is the equilibrium price after the subsidy?
(c) At the new equilibrium price, what is the out-ofpocket cost to a renter for a one-bedroom apartment?
(d) Have renters benefited from the town's rent subsidy? Have apartment owners (suppliers)?
Find the equilibrium price and quantity in the black market.
What data will you use in your empirical work? What is the source of your data? Why is this particular data set appropriate for the study
The number of hours spent studying by students on a large campus in the week before final exams follows a normal distribution with a standard deviation of 8.4 hours.A random sample of these students is taken
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a couple just had a baby. How much should they invest now at 5.2% compounded daily in order to have $30,000 for the child's education 17 years from now Compute the answer to the nearest dollar.
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One year later, none of the permits had been bought or sold. What could explain the absence of permit exchanges?
Terry utility function over leisure (i) and other goods (y) is U(y,1)+y+1*y. the associated marginal utilities are M Uy=1 +1 and M U1=y. he purchases other goods at price of $1, out of the income he earns from working.
In an attempt to increase revenues and profits, a firm is considering a 4 percent increase in price and an 11 percent increase in advertising. If the price elasticity of demands is -1.5 and the advertising is +0.6 would you expect an increase or d..
You can afford a monthly payment of $300 for 2 years only. You want to buy a car that costs $9000. Find the down payment that you have to pay to complete this transaction, if the financial charge (interest) is 9% per year.
Given this background, you might consider a recent commercial for a state lottery that stated, "We won't stop until we have made everyone a millionaire" to be deceptive and possibly unethical.
You know that the water park will increase the traffic flow in the streets around the water park. There are both businesses and neighborhoods adjacent to the increased traffic flow. The cost to the community is estimated to be $6 per person. What ..
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