Question #1533

You must show your work and clearly label all graphs to receive full credit.
Part I: Since World War II, New York City has legislated rent controls in much of its rental housing. Suppose the supply and demand equation for rental housing in NYC is given by the following equations:
Demand Equation: P = 6800 - 1600QD
Supply Equation: P = -2800 + 1600QS
Where P = rent per month and Q = Millions of dwelling rented per month.
(a) Solve for the equilibrium price and quantity of rental housing in New York City in the absence of rent control.

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