Rent control agency of new york city, Macroeconomics

Assignment Help:

The rent control agency of New York City has found that market demand is QD=100-5P With quantity measured in tens of though sands of apartments and price, the monthly rental rate, measured in hundreds of dollars. The city's Board of Realtors acknowledges that this is a good estimate of demand and has shown that the supply of existing apartments is:
QS=50+5P

a) If both the rent control agency and the board of realtors are right about demand and supply, what is the free market equilibrium price (that is, the price where demand equals supply)?

b) What is the free market equilibrium quantity?

c) What is the consumer surplus?

d) What is the producer surplus?


Related Discussions:- Rent control agency of new york city

Central banking, what are the qualitative methods of controling credit

what are the qualitative methods of controling credit

Fdi inflows - an appraisal, FDI Inflows - An Appraisal: A comparison o...

FDI Inflows - An Appraisal: A comparison of the magnitude of FDI inflows received by India would appear too small, especially when compared to the inflows received by other co

Internal market forces, what are some internal market forces and how is the...

what are some internal market forces and how is the outcome of output, jobs, prices, growth, and international balance

??, If the U.S. government were willing to convert dollars into gold at a f...

If the U.S. government were willing to convert dollars into gold at a fixed price, then dollars would be a. fiat money. b. commodity money. c. bank money. d. both fiat and

Says law , is there a graph for says law?

is there a graph for says law?

Business cycles, Business Cycles  Economic growth is not a continuous p...

Business Cycles  Economic growth is not a continuous process. Superimposed on the long-term trends are short-term fluctuations in the levels of economic activity and\or in grow

Two countries had the same levelof real gdp per capita, If Country A had fo...

If Country A had four times the initial level of real GDP per capita of Country B and it was growing at 1.4 percent a year, while real GDP was growing at 2.3 percent in Country B,

Good to peanut butter, Bread is a related good to peanut butter: show on th...

Bread is a related good to peanut butter: show on the graph of the market for peanut butter, the impact on the price and quantity from an increase in the price of bread.

Liberalisation and mode of entry, Liberalisation and Mode of Entry: Va...

Liberalisation and Mode of Entry: Various new forms of FDI flows have also emerged. Besides mergers and  joint ventures, transactional relationships are emerging such  as lice

Classical model, using a graph of the classical labour market,illustrate th...

using a graph of the classical labour market,illustrate the effects of a real wage existing in the market that is lower than the equilibrium real wage.what will eventually happen i

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd