{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

hw03 - UNIVERSITY OF WISCONSIN Economics 101 Spring 2007...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
UNIVERSITY OF WISCONSIN Economics 101 – Spring 2007 Professor Wallace Problem Set 3 Due on February 16th at noon in your TA’s mailbox (opposite 7226 SS) Please be sure to include (1) your name , (2) your teaching assistant’s name , and (3) your section time and number on your answer sheet. Please staple pages together. Also note that late homework will not be accepted. Remember that you can help each other but each student has to hand a hand-written solution of the problem set. Use the following information for the next 4 questions Suppose the market for rental housing in Madison can be described by P=500-15Q d P=200+45Q s 1. The Madison City Council is considering setting a price ceiling at $400. What is the excess demand at this price? a. 20/9 b. 40/9 c. 20/3 d. 5 2. Construction on new apartment buildings finishes and increases the supply of rental housing. What effect will the price ceiling have now? a. Excess demand will stay the same b. Excess demand will decrease c. The price ceiling will be ineffective d. (b) or (c)
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern