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Suppose a town decides to give a $100 subsidy to each renter to help with rent payments. Thus if initially the rent had been $1,000, with the $100 subsidy the out-ofpocket cost to the renter of a one-bedroom apartment is only $900. Using the data from Problem 9, answer each of the following questions.
(a) Using the data from Problem 9, draw the demand curve before the subsidy. How does this subsidy affect the demand for one-bedroom apartments? Draw the new demand curve after the subsidy is introduced.
(b) If the supply of apartments is fixed at 1,200 units, what is the equilibrium price before the subsidy? What is the equilibrium price after the subsidy?
(c) At the new equilibrium price, what is the out-ofpocket cost to a renter for a one-bedroom apartment?
(d) Have renters benefited from the town's rent subsidy? Have apartment owners (suppliers)?
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Assume that Milk is perfectly elastically. If there is a $.20 tax on milk, who will bear the burden of the tax Assume producers have the legal incidence. Graphically depict and describe. Shade the loss in consumer's surplus. and deadweight loss.
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Assume a company has the following production function: Q = 100 K.5 L1 . Currently, the company hires 1,000 workers and employs 100 units of capital.
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The Metropolitan Symphony in Toledo, Ohio, has had great success with a "Senior Citizens' Night" promotion. By offering half off its regular $20 admission price, average nightly attendance has risen from 4,000 to 6,000 persons.
The structure of public policy papers is different from typical papers and requires certain elements and sections in addition to the traditional thesis, introduction, and conclusion.
A large water utility is planning to upgrade its SCADA system for controlling well pumps, booster pumps, and disinfection equipment, so that everything can be controlled from one site. The first phase will reduce labor and travel costs by $28000 p..
When the price of ham is $7 per pound, John buys 3 fish per week. When the price of ham rises to $13 per pound, John buys 7 fish per week. Find the cross-price elasticity of demand for fish for John.
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