Suppose that the demand for rental apartments in Washington, DC, is represented by the following equation, where P is the monthly
rent.
Q-10,000-2P
The supply of rental apartments is represented by the following equation:
Q-2,000+ 3P
The equilibrium rent is a) $ ( 1600
and the equilibrium quantity is b) $(
6800
Part 2 (1 point)
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Suppose the city council passes an ordinance placing a price celling of $1.200 on apartment rentals. How much of a shortage will this
lead to? How many
apartments