Reference no: EM13184263
Suppose that the demand and supply schedules for rentalapartments in the city of Gotham are as given in the tablebelow. LO5 Monthly Apartments ApartmentsRent Demanded Supplied $2500 10,000 15,0002000 12,500 12,5001500 15,000 10,0001000 17,500 7500500 20,000 5000
a. What is the market equilibrium rental price per month and the market equilibrium number of apartments de-manded and supplied?
b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $1500, will therebe a surplus or a shortage? Of how many units? And how many units will actually be rented each month?
c. Suppose that a new government is elected that wants tokeep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or ashortage? Of how many units? And how many units willactually be rented each month?
d. Suppose that the government wishes to decrease the mar-ket equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of housing would the government haveto increase the supply of housing in order to get the mar-ket equilibrium rental price to fall to $1500 per month? To $1000 per month? To $500 per month?
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