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The table below shows the demand and supply schedules for on-campus housing.
Rent Q Demanded Q Supplied
(Dollars per month) (rooms)
500 2,500 2,000
550 2,250 2,000
600 2,000 2,000
650 1,750 2,000
700 1,500 2,000
750 1,250 2,000
How can this be displayed in a graph?
a. What are the equilibrium rent and number of rooms?
b. If the college puts a rent ceiling on rooms of $650 a month, what is the rent and how many rooms are rented?
c. If the college puts a rent ceiling of $550 a month, what is the rent and how many rooms are rented?
d. If a black market develops, how high could the black market rent be?
What is the size of the firm's profit. Suppose that the allocatively efficient output level in long-run equilibrium is 200 meals. Is the deadweight loss for this firm greater than or less than $60?
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Find the market price, the quantity produce and the profit of each firm and what is the number of firms in the long run equilibrium?
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
RKT corporation is a publisher of Economics books. The demand function for its books is given by the equation Qx = 12000 - 5000 Px + 5y + 500 Pc where Px is the price charged for RKT's boks, y is income per capita and Pi is the price of books from co..
the super bowl the championship game in u.s. professional football delivers the largest television audience of the year
In spite of significant price increases for gasoline in the last two years, the amount of gasoline consumed has not decreased a lot--does this mean that gasoline is an exception to the law of demand.
Given that Y=900 and want consumption and investment are given through, Fill the entries as you require to answer the questions.
Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity. Identify the determinant of demand or supply that causes the shift.
What would be the equilibrium quantity and equilibrium price? Assume the Government imposes a $5 per unit tax on the seller, which equation would be affected and how?
1. use the information in the table below to answer the following questions.nbspqavcatcmcmr1p1mr2p20
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