Explain all option compulsory......you will not explain all option then I will give you down upvote... QUESTION 1Figure 4-5Price(dollarsper month)$2,5002,0001,5001,000500SupplyDemand200400600Quantity(apartments)Figure 4-5 shows the market for apartments in Springfield. Recently, the government imposed a rent ceiling of $1,000 per month.Refer to Figure 4-5. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month forapartments. What is the value of consumer surplus after the imposition of the price floor?O $25,000$50,000$200,000O $250,000

The advantage of paying less than you would be willing to buy an apartment is known as consumer…

Answered: QUESTION 1 Figure 4-5 Price (dollars…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 4QP

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B. The table below shows the demand for and supply of rental housing in Kuala Lumpur. The city government is considering imposing a rent ceiling of RM700 a month. Help the government to analyze the effects of the proposed rent ceiling. Quantity Quantity supplied (units per month) Rent demanded (RM per month) (units per month) 1,200 1,000 500 600 100 700 800 200 800 600 300 900 1,000 400 200 400 500 1,100 600 i. Draw the demand and supply curves. With no rent ceiling, what is the rent and how many apartments are rented? ii. With the rent ceiling, what would be the rent and how many apartments would be available for rent? Will there be a shortage or surplus in the rented apartment market? Explain. i. If a black market develops after the rent ceiling is implemented, what would the black- market rent be? Explain your answer.
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