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Author Question: The table above gives the demand and supply schedules for the housing market in a small town. If a ... (Read 188 times)

Awilson837

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on: Jun 29, 2018
The table above gives the demand and supply schedules for the housing market in a small town. If a rent ceiling of 200 a month is imposed, what is the quantity demanded, the quantity supplied, and the shortage of housing?
 
  What will be an ideal response?

Question 2

The cost of basics like milk, bread, potatoes and bananas has jumped in the past year, forcing families to nix luxuries, steer away from organic goods and buy more house brands.
 
  I think it's affecting everybody, said Elize Joseph 48, a nursing attendant. To spend 40 on groceries is nothing. It doesn't go a long way. When food prices increase, what will happen to Elize's total utility? A) It increases.
  B) It stays the same.
  C) It decreases.
  D) It cannot be determined without knowing her total income.


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jgranad15

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The quantity demanded is 350 units, the quantity supplied is 150 units, and the shortage is 200 units.

Answer to Question 2

C


Awilson837

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

vickybb89

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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