ecn 312 – intermediate microeconomic theory solving proplems (((

ECN 312 – Intermediate Microeconomic Theory Spring 2017

Please make sure that your problem set is legible and stapled. Please write your name and section number on your problem set. On your graphs, please label axes, curves, intercepts, and all points relevant to the question. Explain your work thoroughly in order to receive full credit. Possible points are given in parentheses.

1. (25) Consider the market for apartments in Tempe.

There is only one local apartment owner, Lord Land, who supplies apartments on a monthly ba- sis. The number of apartments supplied depends on the monthly rental price for apartments (R).

Tenants rent apartments by the month. The number of apartments demanded in a given month depends on the monthly rental price of apartments (R) and on the number of tenants looking for apartments (T).

The equations describing the supply and demand relationships are as follows:

Qs =5R+300 Qd = 3T 15R

1. (a)  (5) What is the demand for apartments when there are 3, 100 tenants looking for apartments that month? Note: your answer should be a function of R.

2. (b)  (5) What is the equilibrium rent when T=3,100? What is the equilibrium quantity of apartments when T=3,100? Show these solutions graphically.

3. (c)  (5) Tempe is concerned about the welfare of its citizens. To help tenants, the city passes a rent-control policy that requires landlords to charge no more than \$400 per month. How many apartments are rented when T=3,100? Show this solution graphically.

4. (d)  (5) Tempe is now concerned about the welfare of Lord Land. To help him out, they pass a minimum-rent policy that requires tenants to pay at least \$620 per month. How many apartments are rented when T=3,100? Would this policy be successful? Describe in two sentences or less.

5. (e)  (5) What is the effect of the policy described in (d) when there are 6, 200 tenants? Describe in two sentences or less.

Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
\$0.00

How it works?

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.