The table below shows the demand and supply schedules for, Ask an Expert

Economics

The table below shows the demand and supply schedules for on-campus housing.

Rent Q Demanded Q Supplied

(Dollars per month) (rooms)

500 2,500 2,000

550 2,250 2,000

600 2,000 2,000

650 1,750 2,000

700 1,500 2,000

750 1,250 2,000

How can this be displayed in a graph?

a. What are the equilibrium rent and number of rooms?

b. If the college puts a rent ceiling on rooms of $650 a month, what is the rent and how many rooms are rented?

c. If the college puts a rent ceiling of $550 a month, what is the rent and how many rooms are rented?

d. If a black market develops, how high could the black market rent be?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9746900

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