Question: (DO NOT COPY THE ANSWERS OF OTHER QUESTION ON CHEGG, PLEASE REDO THE EXERCICE, SINCE MANY OF THE ANSWERS ARE WRONG) According to USA, 522,140 homes were rented in the Chicago area in 2016. That same year, 4% of homes were unoccupied. According to the Union of Banks of the United States, the average rent price for a 3 1/2 in Chicago in 2015 was $

EconomicsEconomics questions and answers(DO NOT COPY THE ANSWERS OF OTHER QUESTION ON CHEGG, PLEASE REDO
THE EXERCICE, SINCE MANY OF THE ANSWERS ARE WRONG)
According to USA, 522,140 homes were rented in the
Chicago area in 2016. That same year, 4% of homes were unoccupied.
According to the Union of Banks of the United States, the average
rent price for a 3 1/2 in Chicago in 2015 was $Question: (DO NOT COPY THE ANSWERS OF OTHER QUESTION ON CHEGG, PLEASE REDO
THE EXERCICE, SINCE MANY OF THE ANSWERS ARE WRONG)
According to USA, 522,140 homes were rented in the
Chicago area in 2016. That same year, 4% of homes were unoccupied.
According to the Union of Banks of the United States, the average
rent price for a 3 1/2 in Chicago in 2015 was $.(DO NOT COPY THE ANSWERS OF OTHER QUESTION ON CHEGG, PLEASE REDO
THE EXERCICE, SINCE MANY OF THE ANSWERS ARE WRONG)
According to USA, 522,140 homes were rented in the
Chicago area in 2016. That same year, 4% of homes were unoccupied.
According to the Union of Banks of the United States, the average
rent price for a 3 1/2 in Chicago in 2015 was $ 879. We will assume
that between 2015 and 2016, this price increases by 2%, thus
increasing to approximately $ 900. To facilitate access to housing,
Ms. Williams, economist for urban services for the City of Chicago,
proposed to cap the price of rents at $ 850 on January 1, 2017.
1. Represent the balance of the rental housing market in Chicago
in 2016 using a supply and demand graph. (DO NOT DO QUESTION 1, GO
DIRECTLY TO 2 PLEASE)
Ms. Winston is also an economist for the city. She was critical
of Ms. Williams’s solution and proposed subsidizing access to
housing for Chicago families in the form of a $ 50 per month bonus
for lower income tenants, as of January 1, 2017.
2. Copy your graph from question 1 illustrating the balance of
Chicago rental housing market in 2016. Then represent the policy
proposed by Mrs. Winston for January 1, 2017.
3. How does the quantity of rented dwellings at equilibrium
change? Why ?
4. Represent the consumer and producer surpluses for 2017,
applying Mrs. Winston’s policy.
5. Based on your answers to the previous two questions, in order
to encourage access to housing, is it better to implement Ms.
Winston’s public policy or that of Ms. Williams? Why ?
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