ECON 103 Lecture Notes - Lecture 8: West Bank Areas In The Oslo Ii Accord, Allocative Efficiency, Economic Surplus

• School: Simon Fraser University
• Department: Economics
• Course: ECON 103
• Professor: Iryna Dudnyk

Document Summary

Price ceiling = legal maximum limit on price. **note: in the short-run amount of housing is fixed. (rental, not ownership) ***** see notebook for graph ***** ( 1 ) ***** see notebook for table ***** ( 2 ) future tenants are hurt, not a lot of housing available. At p* - units are allocated to tenants with highest mv. At p(overline) - eventually some units will be rented to people w/ low mv and people w/ high mv will not be able to find a place.