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The rent control agency of New York City has found that aggregate demand is QD = 160 - 8P. Quantity is measured in tens of thousands of apartments. Price, the average monthly rental rate, is measured in hundreds of dollars. The agency also noted that the increase in Q at lower P results from more three-person families coming into the city from Long Island and demanding apartments. The city's board of realtors acknowledges that this is a good demand estimate and has shown that supply is QS = 70 + 7P.
a. If both the agency and the board are right about demand and supply, what is the free-market price? What is the change in city population if the agency sets a maximum average monthly rent of $300 and all those who cannot find an apartment leave the city?
b. Suppose the agency bows to the wishes of the board and sets a rental of $900 per month on all apart- ments to allow landlords a "fair" rate of return. If 50 percent of any long-run increases in apartment offerings comes from new construction, how many apartments are constructed?
Scientists have developed a bacterium that they believe will lower the freezing point of agricultural products. This innovation could save farmers $1 billion a year in crops now lost to frost damage. If this technology becomes widely used, what will ..
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Write a 500 to 750-word summary of your learning team discussion about leadership theories.
The mission of policing was described by the author as covering 6 key areas: (1) enforcing the law, (2) apprehending offenders, (3) preventing crime, (4) predicting crime, (5) preserving the peace, and (6) providing services. With the advent of vario..
Using the mortgage calculator spreadsheet available on VISTA, produce a graph which displays, for each month, the amount of repaid principal (also called normal paydown) and the interest paid when the nominal mortgage rate is r = 5.33% compounded ..
An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2.
Would you help me with 1,000-1,200 word paper? Do Multi-National Corporations (MNCs) from emerging markets have competitive advantages over those from the developed world? Why or why not? Define the corporate and a competitive advantage.
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An investor bought a one-acre lot on the outskirts of a city for $9000 cash. Each year she paid $80 of property taxes. At the end of 4 years, she sold the lot for a net value of $15,000. What rate of return did she receive on her investment?
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