Question #70661

1.suppose the market demand and market supply for apartments in the city of Edmonton are given by the following functions:
Qd = 5000 - 3p
Qs = 1000 + p
a) at what price does the market for apartments in the city clear? how many apartments are rented at this price?
b) suppose the city sets a maximum rent at Rm 1,200.iilustrates the rent control in a supply and demand diagram.is there a shortage? if so,what is the excess demand?
c) at what price does the market for apartments in the city clear? how many apartments are rented at the price?

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