McGraw-Hill Connect X Question 10 - Chapter 02 Assignmer X Course Hero X *Homework Help - Q&A from Onli X + C O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheduca] > E Chapter 02 Assignment i Saved Help Save & Exit Submit 10 Consider two similar cities, Nimbyville and Yimbyville, in different states. In both cities the demand for 1,000-sq. ft. apartments is Qd = 2,000 - 0.80PS. This is to say that from a potential market for 2,000 apartment units, the number of apartments demanded goes down 0.80 units for each dollar increase in monthly rent. In Nimbyville, because of building height restrictions, the supply schedule for 1,000-sq. ft.apartments is Qsn = 100 + 2.0psn. Skipped In Yimbyville, where there are fewer restrictions, the supply curve begins from a higher base: QSy = 400 + 2.0psy. a. What are the equilibrium rents paid and 1,000 sq. ft. apartment units supplied, to the nearest whole dollar or unit, in Nimbyville and Yimbyville? Instructions: Round your answers to the nearest whole number. The equilibrium apartment units supplied in Nimbyville is apartments. The equilibrium rent paid in Nimbyville is $ per month. The equilibrium apartment units supplied in Yimbyville is apartments. The equilibrium rent paid in Yimbyville is $ per month. b. If we changed our assumptions to say that Nimbyville and Yimbyville were adjacent cities, such that one could easily live in one and work in the other, what do you think the effect will be on equilibrium apartment prices in each city? The equilibrium apartment price in each Nimbyville would |(Click to select) v. The equilibrium apartment price in each Yimbyville would |(Click to select) v c. Does this make any difference in terms of the equilibrium rents or number of units rented if the given supply and demand equations were expressed quantity in terms of price (Q = a + bP) instead of price in terms of quantity. O No, the values of equilibrium price would become equilibrium quantity. Mc Graw McGraw-Hill Connect X Question 10 - Chapter 02 Assignmer X Course Hero X *Homework Help - Q&A from Onli X + C O & https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheduca] E Chapter 02 Assignment Saved Help Save & Exit Submit In Nimbyville, because of building height restrictions, the supply schedule for 1,000-sq. ft.apartments is Qsn = 100 + 2.0psn. 10 In Yimbyville, where there are fewer restrictions, the supply curve begins from a higher base: QSy = 400 + 2.0psy. a. What are the equilibrium rents paid and 1,000 sq. ft. apartment units supplied, to the nearest whole dollar or unit, in Nimbyville and Yimbyville? Skipped Instructions: Round your answers to the nearest whole number. The equilibrium apartment units supplied in Nimbyville is apartments. The equilibrium rent paid in Nimbyville is $ per month. The equilibrium apartment units supplied in Yimbyville is[ apartments. The equilibrium rent paid in Yimbyville is $ per month. b. If we changed our assumptions to say that Nimbyville and Yimbyville were adjacent cities, such that one could easily live in one and work in the other, what do you think the effect will be on equilibrium apartment prices in each city? The equilibrium apartment price in each Nimbyville would |(Click to select) v. The equilibrium apartment price in each Yimbyville would |(Click to select) v c. Does this make any difference in terms of the equilibrium rents or number of units rented if the given supply and demand equations were expressed quantity in terms of price (Q= a + bP) instead of price in terms of quantity. O No, the values of equilibrium price would become equilibrium quantity. O Yes, the values would be the inverse. O Yes, the values would change sign. O No, it is another way to calculate the values. Mc Graw