The market demand and supply for Ithaca farmland is given by the following functions: Qd = 10,000 - 10P, and Qs = 6P, where: Qd is quantity demanded and Qs is quantity supplied, and P is the rental price of land per month. The Mayor and the County Executive are proposing separate rent control measures. The Mayor wants to prohibit land owners from charging farmers more than $550 per month to rent farmland. The County Executive wants to prohibit landowners from charging more than $700 per month. Based on the above information, answer the following questions: (a) Calculate the equilibrium
2. The market demand and supply for Ithaca farmland is given by the following functions: Qd = 10,000 - 10P, and Qs = 6P, where: Qd is quantity demanded and Qs is quantity supplied, and P is the rental price of land per month. The Mayor and the County Executive are proposing separate rent control measures. The Mayor wants to prohibit land owners from charging farmers more than $550 per month to rent farmland. The County Executive wants to prohibit landowners from charging more than $700 per month. Based on the above information, answer the following questions: (a) Calculate the
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