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Question 1 Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. Monthly

This question was answered on Jan 19, 2013. View the Answer
;I need so much help. This is a homework assignment. Its been so long since that I had any kind of math. I need help on the following document that is attach and plus there are some fill in the blanks as well. I have try so many ways trying to figure out the answers but I'm just stuck!!!!! In the document there are 7 questions that needs to be answered. There are some already marked in the fill in the blanks that are answered already just some has not though.
Question 1 Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. Monthly Rent Apartments Demanded Apartments Supplied $3,250 12,500 17,500 2,750 15,000 15,000 2,250 17,500 12,500 1,750 20,000 10,000 1,250 22,500 7,500 a. What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? Market equilibrium rental price $ per month Market equilibrium quantity apartments. b. If the local government can enforce a rent-control law that sets the maximum monthly rent at $2,250, will there be a surplus or a shortage? Of how many units? apartments per month. How many units will actually be rented each month? apartments will be rented. c. Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $3,250 per month. If the government can enforce that price floor, will there be a surplus or a shortage?
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Of how many units? apartments per month. How many units will actually be rented each month? apartments will be rented. d. Start at the original (correct) equilibrium price and quantity in part (a). Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium rental price to fall to $2,250 per month? To $1,750 per month? To $1,250 per month? Fall to $2,250 per month: units. Fall to $1,750 per month: units. Fall to $1,250 per month: units. Question 2 In the table below, individual demand schedules for Tex, Dex and Rex are shown in addition to [total] market demand. a. Fill in the missing values in this table. Price Tex Q d Dex Q d Rex Q d Total Quantity Demanded $8 3 3 2 7 5 4 15 6 5 10 22 5 9 14 29 4 11 7 18 b. (i) Which buyer demands the most at a price of $7? (ii) Which buyer’s quantity demanded increases the least when the price is lowered from $7 to $6? c . Which direction would the market demand curve shift if Tex withdrew from the market?
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Question 1 Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. Monthly Rent $3,250 2,750 2,250 1,750 1,250 Apartments Demanded...

This question was asked on Jan 19, 2013 and answered on Jan 19, 2013.

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