Jeremiag Thompson Owns $118 \frac { 3 } { 4 }$

question 139

Short Answer

Jeremiag Thompson owns $118 \frac { 3 } { 4 }$ acres of undeveloped land. If the property is divided into $1 \frac { 1 } { 4 }$ acre pieces, how many homesites can be developed?

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Definitions:

Price Ceiling

A legally imposed maximum price on a good or service, above which it cannot be sold.

Rent Control

Government-imposed limits on the amount landlords can charge for renting out housing or apartments, intended to keep housing affordable.

Price Floor

A government-imposed limit on how low a price can be charged for a product, meant to ensure fair compensation for producers.

Rent Control

A government policy or law that limits the amount landlords can charge for leasing a home or apartment, with the aim to keep housing affordable for tenants.