Suppose that, prior to the passage of the truth in lending simplification act and regulation z, the demand for consumer loans was given by qdpre-tilsa = 10 -80p (in billions of dollars) and the supply of consumer loans by credit unions and other lending institutions was qspre-tilsa = 4 + 80p (in billions of dollars). the tilsa now requires lenders to provide consumers with complete information about the rights and responsibilities of entering into a lending relationship with the institution, and as a result, the demand for loans increased to qdpost-tilsa = 22 -80p (in billions of dollars). however, the tilsa also imposed “compliance costs” on lending institutions, and this reduced the supply of consumer loans to qspost-tilsa = 2 + 80p (in billions of dollars).
based on this information, compare the equilibrium price and quantity of consumer loans before and after the truth in lending simplification act.(note: q is measured in billions of dollars and p is the interest rate).
instruction: enter your responses for the equilibrium price in percentage terms, and round all responses to one decimal place.
equilibrium price (interest rate) before tilsa: percent
equilibrium quantity (in billions of dollars) before tilsa: $ billion
equilibrium price (interest rate) after tilsa: percent