Business, 10.03.2020 03:20 sandstorm163

Suppose a city is considering placing a ceiling on rent for one-bedroom apartments, at $1,000 per apartment.
Demand is given by:
P = 1700 - 20Q
and supply by:
P = 80Q + 200,
where Q is measured in thousands of apartments.
Instructions: Round your answers to the nearest whole number.
(a) The market equilibrium rent is $ , and the equilibrium quantity is thousand apartments.
(b) With the price ceiling, the rent is $ per apartment, and the quantity rented is thousand apartments.
(c) The excess demand for apartments with the price ceiling is .

Answers: 3

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Suppose a city is considering placing a ceiling on rent for one-bedroom apartments, at $1,000 per ap...

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