The market for two-bedroom apartments in a city has the following supply and demand schedules: | Price Qty Demanded Qty Supplied (S) (thousands) (thousands) 200 380 D 400 315 45 600 270 90 800 225 135 | 1000 | 1 00 100 [WIT 225 [WIT T 1 600 45 31 5 1 800 D 360 3. Graph demand and supply (on paper). b. What is the equilibrium price and quantity? pE: QE: 0 A. $200 OA. 0 O a. $400 0 a. 45,000 0 0. $000 0 c. 90,000 0 D. $800 0 D. 135,000 0 E. $1000 0 E. 150,000 0 F. $1200 0 F. 225,000 0 G. $1400 0 G. 270,000 0 H. $1600 0 H. 315,000 0 I. $1500 0 I. 360,000 Calculate Consumer Surplus (CS), Producer Surplus (PS), and Total Surplus (TS). Illustrate CS 8; PS on your graph. Enter the numerical answers below. All answers are in millions of dollars. For example, if the answer is one hundred million, enter 100 in the box. cs = $|:| Million PS = $|j Million T8 = $|j Million \"new\""manmwmwww.mm"a...\"nmm 0. Suppose the government imposes a price ceiling of $800. Is this a binding or non-binding price ceiling? You will answer this below. What quantity of two-bedroom homes will be rented? Q = I] Thousand (hint: it is hard to determine the exact quantity from the graph, but you can nd the exact quantity ifyou reterlo the tablel'schedule given at the beginning of the problem). Briey explain why you chose that quantity? I chose that quantity because this is a price ceiling, 0 binding 0 nonbinding and and O A. it is the minimum amount the buyers are willing to buy at that price. O B. it is the maximum amount the sellers are willing to sell at that price. O C. it is the minimum amount the sellers are willing to sell at that price. O D. it is the maximum amount that buyers are willing to buy at that price. O E. in that case, the short-side of the market prevails. OF. in that case, the equilibrium quantity prevails. O G. it is the quantity demanded. O H. I looked at the graph. O I. it is the quantity supplied. O J. in that case, the long-side of the market prevails. Is there a shortage, a surplus, or neither? O A. shortage O B. surplus O C. neither If there is a shortage or surplus, give the numerical value (enter zero if the answer is neither): | Thousand Calculate Consumer Surplus, Producer Surplus, Total Surplus, and Deadweight loss. Illustrate CS, PS, and DWL (if any). Cs = $ Million PS = $|Million TS = $| Million DWL = $|Million * * * * * * * * * d. Suppose that the government imposes a price floor at $1600. Is this a binding or non-binding price floor? You will answer this below. What quantity of two-bedroom homes will be rented? Q = | Thousand Briefly explain why you chose that quantity? I chose that quantity because this is a price floor, binding O non-binding and A. it is the quantity supplied. O B. in that case, the equilibrium quantity prevails. O C. it is the quantity demanded. O D. it is the minimum amount the buyers are willing to buy at that price. O E. it is the maximum amount that buyers are willing to buy at that price. O F. it is the maximum amount the sellers are willing to sell at that price. O G. in that case, the long-side of the market prevails. O H. in that case, the short-side of the market prevails. 1. I looked at the aranhO .i. it is the minimum amount the sellers are willing to sell at that price. Is there a shortage, a surplus, or neither? 0 A. shortage O B. surplus O c. neither If there is a shortage or surplus, give the numerical value (enter zero if the answer is neither): D Thousand Calculate Consumer Surplus, Producer Surplus, Total Surplus, and Deadweighl loss. Illustrate (:5, PS, and DWL (it any). cs = $|:| Million PS = 3|] Million TS = $E| Million DWL = $|:| Million islist-1iknits\"art-linesHatitnwsuwknitnsniritnwsuwkuitisn e. Suppose the government imposes a price ceiling at $1,400. Is this a binding or non-binding price ceiling? You will answer this below. What quantity of two-bedroom homes will be rented? Q = Thousand Briey explain why you chase that quantity? I chose that quantity because this is a price ceiling. 0 binding 0 non-binding and O A. I looked at the graph. 0 B. it is the minimum amount the buyers are willing to buy at that price. 0 c. it is the quantity demanded. O D. it is the quantity supplied. 0 E. in that case, the equilibrium quantity prevails. O F. in that case, the short-side of the market prevails. O G. it is the maximum amount the sellers are willing to sell at that price. 0 H. it is the maximum amount that buyers are willing to buy at that price. 0 I. it is the minimum amount the sellers are willing to sell at that price. 0 J. in that case, the long-side of the market prevails. Is there a shortage, a surplus, or neither? 0 A. shortage O B. surplus O c. neither If there is a shortage or surplus, give the numerical value (enter zero if the answer is neither): D Thousand Calculate Consumer Surplus, Producer Surplus, Total Surplus, and Deadweighl loss. Illustrate CS, PS, and DWL (it any). as = $|:| Million PS = $D Million T3 = $|:| Million DWL = $|:| Million