7The demand and supply schedules for rental apartments in the City of Toronto are as given in the following equations:

Demand: Q = 22500-5P; Supply: Q = 5P-1250

a. Draw the supply and demand curve based on the equations given above.

b. What are the market equilibrium rental price and quantity traded per month?

c. If the municipal government can enforce a rent-control law that sets the maximum monthly rent at $1500, what could be the impacts of this policy on the market?

d. If the municipal government can enforce a rent-control law that sets the maximum monthly rent at $2500, what could be the impacts of this policy on the market?

e. If the municipal government thinks that the current rent is too high and wishes to decrease the rental rate, what kind of housing policy can be implemented to fall the rent?

8.

Here are some of the demographics. Answer the questions below. Total population 355.0 million Total population employed 160.1 Total population seeking jobs 10.5 Total student population (not working) 5.1 Total retired persons 32.5 Total household workers 65.1 Total discouraged workers 2.9 Population age of 15 or older 276.2 a. Calculate labor force percentages and the unemployment rate. b. Calculate the employment rate. C. Use this data to explain what the problem is with the unemployment rate statistics. d. Explain why the employment rate is so important in labor economics