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Consider the market for housing in Mainville. Yearly housing

Consider the market for housing in Mainville. Yearly housing demand in Mainville obeys the equati… Show more Consider the market for housing in Mainville. Yearly housing demand in Mainville obeys the equation Hd = 400 – 2H, where “H” is the number of houses built per year, and all numbers are in 1000s. Yearly housing supply obeys the equation Hs = 150 + 3H (also in 1000s). Answer the following questions and show your work. a. The equilibrium price of a new house is Mainville is _______, and the equilibrium number of new houses sold per year is _______ . b. Draw a graph of the housing market in Mainville. Label the axes, the intercepts and the equilibrium price and quantity of housing: c. The total value of the consumer surplus in this market is ________, and the total produces surplus (or profit) is _________. [Note: be sure to convert numbers to 1000s]. 3 d. Suppose that the city of Mainville decides to limit the number of housing permits to 40 per year, which are given to developers on a ‘first come, first served’ basis. Draw a graph of the housing market in Mainville after this change. Use a bold double line to indicate the new supply curve for housing. e. After the new limit on housing permits, the number of houses sold in Mainville is ________ per year, and the price of a house is ________. The producer who builds the last house sold each year spends _________ to produce that house. f. After several years, Mainville decides to sell housing permits at a fixed price to developers. In order to keep the number of new houses at 40, the city should set the price of permits at _________. Below, draw a graph of the housing market in Mainville before and after the sale of housing permits at the price you have suggested. Be sure to make clear which curves have shifted, and by how much. 4 g. After the imposition of the plan described in (f), the new consumer surplus is ________, the new producer surplus is __________, the city generates _________ in permit fees, and the deadweight loss is __________. Be sure to show your work below. It might help you to draw a graph and label the areas represented by the surpluses, etc. • Show less

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