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The gure to the right shows the market for one-bedroom apartments in Calgary. If this market is initially unregulated, 50 thousand units will rent for a price of $ 610 per month. Suppose however, the city imposes the controlled price shown in the gure. In this case, in the short run, the market experiences an excess demand of 10 thousand units. In the long run, it the controlled prioe remains in place, the market will show a units. thousand Rental Housing Market 9' 8short run 0' 1' A 905 _ D g 3long run E E E E :- 610 ............. ............. E 490 _____ = _________ gentrcilled Price E E E EU I u . D 24 50 50 Quantity of Rental Units (Thousands) Consider a simple demand-andsupply model of a competitive labour market in a small town. The demand and supply curves for labour are given by 24 Labour Market Demand: w :20 4LD 22 5 Supply: w=4 +4LS 2 where w is the wage ($ per hour) and L is the number of hours of employment (measured in thousands A 1 of hours per month). '3 1 .1: a. Use the line drawing tool to plot the demand and supply curves in the graph at the right. Use points E 14 with labour hours value of 0 and 5 to draw the lines. Label the lines properly. g 12 In 1 m Carefully follow the fnstmcl'lons above, and only draw the required objects. g a E 6 b. Solve for the equilibrium level ofw and L in the case of no government intervention. 4 The equilibrium level of L is 2 thousands of hours per month and the equilibrium level ofw is $ 12 per 2 5 hour. 0 0 1 2 3 4 (Round your responses to the nearest whole number.) Labour (thousands of hours per month) where w is the wage ($ per hour) and L is the number of hours of employment (measured in thousands of hours per month). a. Use the line drawing tool to plot the demand and supply curves in the graph at the right. Use points with labour hours value of 0 and 5 to draw the lines. Label the lines properly. IE Carefully follow the instructions above, and only draw the required objects. b. Solve for the equilibrium level of w and L in the case of no government intervention. The equilibrium level of L is 2 thousands of hours per month and the equilibrium level ofw is $ 12 per houn (Round your responses to the nearest whole number.) c. Now suppose that the town oouncil imposes a minimum wage equal to $16 per hour. What is the new level of employment? The new level of employment is thousandts) of hours per month. (Round your response to the nearest whole number.) Wage ($ per hour) 24 22 14 12 DN-h-CDDO Labour Market 1 2 3 4 Labour (thousands of hours per month) Consider the market for milk in Saskatchewan. If p is the price of milk (cents per litre) and Q is the quantity of milk (millions of litres per month), suppose that demand and supply cunres for milk are given by: Demand: p = 220 16QD Supply: p =10 + zooS The equilibrium quantity is 5.8 million litres and the price is 126 cents per litre. Monthly revenue for milk producers without government intervention is $7.3 million. Suppose the government used a quota system instea of direct price supports to assist milk producers. In particular, it issued quotas to existing milk producers for 2.3 million litres of milk per month. a. If milk production is exactly equal to the amount of quotas issued, what price do consumers pay for milk? If milk production is exactly equal to the amount permitted by the quotas, consumers will pay 183.2 cents per litre of milk. {Round your response to the nearest cent.) b. Which of the following is true? 0 A. Firms who received a share of the quota initially are better off. B. Any rms with a share of the quota are better off. O C. Firms who received a share of the quota later are better off. 0 D. None ofthe above are true