The current version of rent control in many parts of California prevents rents from rising with demand. Assume that over the 10 years the monthly rent is not allowed to rise at all. If the monthly rent stays at 2019 levels what will be the quantity demanded and quantity supplied in 2029? Quantity Demanded: _________ in millions Quantity Supplied: ________ in millions.
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The current version of rent control in many parts of California prevents rents from rising with demand. Assume that over the 10 years the monthly rent is not allowed to rise at all.
If the monthly rent stays at 2019 levels what will be the quantity demanded and quantity supplied in 2029?
Quantity Demanded: _________ in millions
Quantity Supplied: ________ in millions.
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- Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 Quantity Demanded (Gallons per Day) $4 $3 $2 Al Betsy Casey Daisy Eddie Market Total 1 0 2 1 3 1 2 2 3 1 1 3 4 2 W N 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) $5 $4 $3 $2 $1 Firm A Firm B Firm C Firm D Firm E Market Total 3 3 2 7 5 3 6 4 3 6 5 3 4 2 2 2 W N 3 1 2 1 3 2 0 2 1 a. What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day.Current Stats for Gasoline: Government Enforced Price Ceiling - $4.50/gallon Current Market Equilibrium - $3.00/gallon OPEC, the largest global supplier of oil used to make gasoline, has decided to reduce output by 50%. This policy change is expected to drive up the cost of gasoline to $5.00/gallon. How does that price change interact with the price ceiling? A. Changes the Price Ceiling from Binding to Non-Binding B. Disrupts Oil Supply C. Changes the Price Ceiling from Non-Binding to Binding D. No ChangePrice (dollars) CO 1 0 400 600 Quantity 800 1,000 D Exhibit 4-2 represents the orange juice market. The horizontal line represents a price ceiling imposed by the government. Which of the following is true? At equilibrium, the quantity demanded is 700. At the price ceiling, there is a surplus. The quantity supplied at the price ceiling will equal the quantity sold. The quantity demanded at the price ceiling will equal the quantity supplied. The quantity demanded at the price ceiling will equal the quantity sold. ?
- The table below shows how supply and demand of gasoliine vary depending on the price: Demand (million of gal.) Price ($/gal) Supply (million of gal.) 1 787 483 1.2 700 550 1.4 640 600 1.6 580 623 1.85 531 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 2.9 357 765 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = Round your answer to 3 decimal places Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to…$ $3.50 $3.25 $ $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 Demand Supply 20 22 24 26 28 30 32 34 36 Quantity (gallons per day) Instructions: In parts b and c, round your responses to two decimal places. In part d, enter your response as a whole number. b. What is the equilibrium price? 2.50 per gallon Demand Supply c. If quantity supplied at every price is reduced by 12 gallons, what is the new equilibrium price? per gallon d. If the government freezes the price of gasoline at its initial equilibrium price found in part a, how much of a surplus or shortage will exist when supply is reduced as described in part c? There will be a (Click to select) of gallons.Given the following data on individual gasoline demand and supply, calculate the market demand and supply, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Ali 1 2 0 1 2 2 Brianna Cole Market Total 3 1 3 $2 $1 4 1 3 5 2 4 Price per Gallon $5 $4 $3 $2 $1 Quantity Supplied (Gallons per Day) Firm A 1 Firm B 2 Firm C 2 Market Total 1 3 2 1 1. 2 0 1 1 a. What is the equilibrium price? per gallon b. Suppose the current price is $5. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 0 0 0
- Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 Quantity Demanded (Gallons per Day) Al 1 2 Betsy 1 Casey 2 Daisy Eddie Market Total 34 @ 2 H 4x 0 2 1 F2 1 $4 $3 $2 3 2 a: What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. Q Search #3 3 1 3 4 2 4 4 1 3 4 3 F3 $1 5 2 4 6 5 54 $ Price per Gallon $5 $4 $3 $2 $2 $1 Quantity Supplied (Gallons per Day) Firm A 3 3 Firm B 7 5 Firm C 6 4 Firm D 6 5 3 4 2 2 Firm E Market Total 4 F4 a DII 45 1998 % F5 PrtScn FB * > 8 Home F9 9 End F10ch QUESTION 55 P ($ per gallon) $2.20 $1.80 $1.40 $1.20 $1.00 $0.60 Excess supply or surplus O Equilibrium price is If supply is 680, price is If demand is 700, price is S --- An above-equilibrium price E - Equilibrium price A below-equilibrium price Excess demand or shortage 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons) 113 hpPrice(per pound) Quantity Supplied(pounds) Quantity Demanded(pounds) $7 80 30 $6 70 45 $5 60 60 $4 50 75 $3 40 90 $2 30 105 $1 20 120 The equilibrium price is $ per pound. Suppose that after a successful lobbying campaign by chocolate producers, the government imposes a price floor of $7 per pound. The price floor will lead to a surplus of pounds of chocolate. After a few years, chocolate producers are not happy. They realize that compared to the market equilibrium, their total revenue has fallen by $ . To compensate the chocolate producers, the government agrees to buy the entire surplus chocolate at the $7 price floor. Chocolate producers rejoice. Compared to the market equilibrium, their total revenue has now increased by $ .
- Required information Below is the total market demand and supply of wine for France and Germany. Quantities are in millions of litres per month. Total Market Quantity Quantity Quantity Quantity Quantity (per litre) Demanded Supplied DemandedSupplied Demanded Supplied France Germany Price Quantity $424 519 13 14 12 11 12 615 15 10 4 12 16 19 15 8 17 18 6 810 99 Refer to the information above to answer this question. Assuming no trade, what are the equilibrium price and quantity of wine in France? Multiple Choice $7 and 14. Next > 14 of 33 11 12 13 < PrevA4 Suppose that good X is traded in a competitive market. The market clearing price is $25.00 and the quantity supplied is 200. A proposed change in government policy is expected to cause the market price to increase by $1.50. Previous studies suggest that the price elasticity of supply is about 1.5. Assuming the supply schedule is linear, calculate the change in producer surplus from the government's policy shift. Round your answer to 1 decimal place and report it in the box below. Don't include the dollar sign, but if producer surplus decreases, be sure to include a negative sign in your response. your answer is(3) A recent study found that the demand-and-supply schedules for Frisbees are as follows: a. What are the equilibrium price and quantity of Frisbees? (2)b. Frisbee manufacturers persuade the government that Frisbee production improvesscientists’ understanding of aerodynamics and thus is important for nationalsecurity. A concerned Diet members votes to impose a price floor $2 above theequilibrium price. What is the new market price? How many Frisbees are sold? (4)c. University students march on Tokyo and demand a reduction in the price ofFrisbees. An even more concerned Diet members votes to repeal the price floorand impose a price ceiling $1 below the former price floor. What is the newmarket price? How many Frisbees are sold? Price per Frisbee Quantity Demanded Quantity Supplied $11 1 million Frisbees 15 million Frisbees 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1