use the information in the following table (and in the graph) on the market for apartments in bay city to…

use the information in the following table (and in the graph) on the market for apartments in bay city to answer the following questions.\nrent quantity demanded quantity supplied\n$200 275,000 125,000\n300 250,000 150,000\n400 225,000 175,000\n500 200,000 200,000\n600 175,000 225,000\n700 150,000 250,000\nin the absence of rent control, what is the equilibrium rent and the equilibrium quantity of apartments rented?\nequilibrium rent is $500 and the equilibrium quantity is 200 thousand apartments. (enter your responses as integers.)\nin equilibrium, will there be any renters who are unable to find an apartment to rent or any landlords who are unable to find a renter for an apartment?\nyes\nno

use the information in the following table (and in the graph) on the market for apartments in bay city to answer the following questions.\nrent quantity demanded quantity supplied\n$200 275,000 125,000\n300 250,000 150,000\n400 225,000 175,000\n500 200,000 200,000\n600 175,000 225,000\n700 150,000 250,000\nin the absence of rent control, what is the equilibrium rent and the equilibrium quantity of apartments rented?\nequilibrium rent is $500 and the equilibrium quantity is 200 thousand apartments. (enter your responses as integers.)\nin equilibrium, will there be any renters who are unable to find an apartment to rent or any landlords who are unable to find a renter for an apartment?\nyes\nno

Answer

Explanation:

Step1: Recall equilibrium concept

In a market, equilibrium occurs when quantity demanded equals quantity supplied.

Step2: Find the equilibrium point

Looking at the table, when rent is $500, quantity demanded (200,000) equals quantity supplied (200,000).

Step3: Analyze the equilibrium situation

At equilibrium, the quantity of apartments that renters want to rent is the same as the quantity that landlords want to supply. So there are no renters unable to find an apartment and no landlords unable to find a renter.

Answer:

Equilibrium rent is $500 and the equilibrium quantity is 200 thousand apartments. No