Determine excess demand, Recent increases in rents have

Determine excess demand

Reference no: EM13175653

Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by

Qs = -1000 + 20P

Qd = 50000 - 10P

What will be the excess demand for apartments once the price ceiling is implemented?

Reference no: EM13175653

Questions Cloud

Give examples of a demand shock : Which of the following is an example of a demand shock? a) Hurricane Harry knocks out oil drilling platforms in the Gulf of Mexico. b) Consumers become worried about job loss and buy fewer goods and services than expected.

Identify the four major tools of monetary policy : Do protectionist policies benefit producers, consumers, workers, or the government? Explain.b) Explain how the "Buy American" theme hurts Americans. a) Identify the four major tools of monetary policy.

Explain how many millirem did the child receive : A 24-kg child receives 2.85x10^6 B particles, each with an energy of 4.30x10^-13 J. If the RBE=0.40, how many millirem did the child receive?

Define how many rads does the person receive : A 68-kg person exposed to thorium-234 receives 5.0x10^4 B particles, each with an energy of 3.0x10^-14 J. How many rads does the person receive?

Determine excess demand : Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by Qs = -1000 + 20P Qd = 50000 - 10P

Describe petroleum is a fossil fuel : Petroleum is a fossil fuel containing many different carbon compounds. If the carbon atoms in petroleum have been in the ground for 325 million years

What is the optimal effluent fee : What is the optimal effluent fee? b. If the cost of pollution control falls by $1 billion at each level of pollution, does this alter your answer to part (a)?

Define what mass of nickel is produced : An aqueous solution of nickel acetate is electrolyzed for 3 hours with a 1.8 ampere current. What mass of nickel is produced?

Determine the demand curve for the product : What is the own price elasticity of demand when Px = $240? Is demand elastic or inelastic at this price? What would happen to the firm's revenue if it decided to charge a price above $240?

User Account

All Pages