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Homework answers / question archive / mework Prices: Free, Controlled, and Relative (Ch 04) Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls

mework Prices: Free, Controlled, and Relative (Ch 04) Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls

Economics

mework Prices: Free, Controlled, and Relative (Ch 04) Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus Demand + Equilibrium 2000 CS 2600 MONTHLY RENT D Der apartment PS 3000 SUD omework: Prices: Free, Controlled, and Relative (Ch 04) Suppose that the government decides to impose a rent control of $2,100 per month on rental apartments in New York City. On the following graph, use the green point (triangle symbol) to shade the area representing consumers' surplus in the presence of rent control. Use the purple point (diamond symbol) to shade the area representing producers' surplus after the rent control. Then use the grey point (star symbol) to shade the area representing deadweight loss resulting from the rent controll 2800 Demand A CS w/ Rent Control 2800 2400 PS w/ Rent Control MONTHLY RENT (Dollars per apartment) 2200 Deadweight Loss Rent Ceiling 2000 Supply 1900 4.0 to 2.4 3.2 QUANTITY OF APARTMENTS (Millions per month) by In the presence of the rent control, consumers' surplus per month. The price ceiling on rent causes regions in the graph to see their areas. per month and producers' surplus by per month of deadweight loss. Tooltip: Click on the shaded Which of the following are generally true of rent control Check all that apply All consumers gain from rent control Non price methods of ritioning emerge Everyone who needs a place to live can rentan apartment The quality of rental apartments tolle The quantity of available rental apartments increases

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