Label your graphs fully and provide written explanation

Reference no: EM131158340

The city of Lloydminster sits on top of the Saskatchewan-Alberta border. Half of the city is in Saskatchewan and the other half in Alberta. Assume that Saskatchewan enacts a rent control law that puts a ceiling on rents well below their equilibrium market value. Predict the impact of this law on the competitive equilibrium rent in the part of Lloydminster that is in Alberta. Note that residents are allowed to freely reside in either side (Alberta or Saskatchewan) of the city.

a. Illustrate your answer with one demand and supply graph for the apartment market in the Saskatchewan side Lloydminster and another demand and supply graph for the apartment market in the Alberta side of Lloydminster. Your graphs should be drawn side by side to show the comparison.

b. Make sure that your graphs clearly show the initial equilibrium before the rent control in both markets and what happens after the imposition of rent control.

c. Clearly show any shifts in the demand or supply curves, and the movement along the curves for each market.

d. Label your graphs fully and provide written explanation for your graphs.

Reference no: EM131158340

Questions Cloud

Question regarding the health care policy : Let's start this week's discussion with identifying who makes up the baby boomer generation. Please research and post statistics about the baby boomer generation. (Remember to post your sources!)

Important every time a new application : The make-versus-buy decision is important every time a new application is requested of the IS group. What, in your opinion, are the key reasons an IS organization should make its own systems? What are the key reasons it should buy an application?

Advantages and disadvantages of proposed membrane process : determine the best membrane material for this process. What are the advantages and disadvantages of the proposed membrane process?

Define and explain business organisation : Define and explain Business Organisation. Name five importance of Business Organisation.

Label your graphs fully and provide written explanation : Label your graphs fully and provide written explanation for your graphs. Clearly show any shifts in the demand or supply curves, and the movement along the curves for each market.

Contrast managerial accounting and financial accounting : Compare and Contrast Managerial Accounting and Financial Accounting. Be sure to discuss how managerial accounting is useful for providing information for at least one of the following management functions: planning, directing, controlling.

Matching assessment : As you read and processed the material introduced in this unit of the course, you should have begun to connect the concept of human capital management to business strategy, as guided by events happening within and out of the organization's control..

Is the modification worth making : The additional investment required is $1,250,000, and the additional operating costs are negligible. Is the modification worth making?

How iago is characterized in the play othello : What is it about how Iago is characterized in the play Othello and how he acts that makes him such a vivid villain, even today? We still use the expression "an Iago" to describe someone evil and underhanded.

User Account

All Pages