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

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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.
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This note was uploaded on 07/11/2008 for the course ECON 101 taught by Professor Hansen during the Spring '07 term at Wisconsin.

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

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