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jake82 jake82
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A year ago


Short description: A graph plots the quantity of apartments against price in dollars per month. Long description: The horizontal axis representing the quantity of apartments ranges from 100 to 1200, in increments of 100. The vertical axis representing price in dollars per month ranges from 400 to 1200, in increments of 100. The graph plots four lines. A decreasing line representing demand passes through the following points: (600, 1200), (800, 1000), (1000, 800), and (1200, 600). An increasing line representing S subscript 1 passes through the following points: (800, 400), (900, 600), (1000, 800), (1100, 1100). An increasing line S subscript 2 passes through the following points: (150, 500), (400, 600), (600, 700), (800, 750), (1000, 800), and (1200, 900). A horizontal line representing rent-controlled price is drawn from 600 on the vertical axis. The horizontal line intersects S subscript 2, S subscript 1, and demand at (400, 600), (900, 600), and (1200, 600), respectively. The lines, S subscript 2, S subscript 1, and demand intersect at (1000, 800). Note: all values are approximate.

FIGURE 5-4

Refer to Figure 5-4. Suppose the government imposes a rent-controlled price of $600 per month on apartments in this city. In the short run we can expect the shortage of apartments to be ________ units.



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Microeconomics

Microeconomics


Edition: 17th
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dreamkheidreamkhei
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