# Suppose that the demand and supply schedules for rental apar

Suppose that the demand and supply schedules for rental apartments in the cityâ€¦ Show more Problem 3-7 (Algo) 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 \$2,750 12,500 17,500 2,250 15,000 15,000 1,750 17,500 12,500 1,250 20,000 10,000 750 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 \$1,750, will there be a surplus or a shortage? (Click to select) Shortage Surplus 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 \$2,750 per month. If the government can enforce that price floor, will there be a surplus or a shortage? (Click to select) Surplus Shortage 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 \$1,750 per month? To \$1,250 per month? To \$750 per month? Fall to \$1,750 per month: units. Fall to \$1,250 per month: units. Fall to \$750 per month: units. â€¢ Show less

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