Suppose that the demand for rental apartments in Washington, DC, is represented by the following equation, where P is the monthly rent. QD = 10,000 – 2P The supply of rental apartments is represented by the following equation: QS = 2,000 + 3P The equilibrium rent is a) $ , and the equilibrium quantity is b) $ .
Suppose that the demand for rental apartments in Washington, DC, is represented by the following equation, where P is the monthly rent. QD = 10,000 – 2P The supply of rental apartments is represented by the following equation: QS = 2,000 + 3P The equilibrium rent is a) $ , and the equilibrium quantity is b) $ .
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Suppose that the demand for rental apartments in Washington, DC, is represented by the following equation, where P is the monthly rent.
QD = 10,000 – 2P
The supply of rental apartments is represented by the following equation:
QS = 2,000 + 3P
The equilibrium rent is a) $ , and theequilibrium quantity is b) $ .
QD = 10,000 – 2P
The supply of rental apartments is represented by the following equation:
QS = 2,000 + 3P
The equilibrium rent is a) $ , and the
Part 2 (1 point)
Suppose the city council passes an ordinance placing a price ceiling of $1,200 on apartment rentals. How much of a shortage will this lead to? apartments
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