Recent increases in rents have caused the citizens of Elmville to vote for a rent ceiling of $1200. Assuming all rental units in Elmville are identical and the supply and demand for rental units are given by
Qs = -1000 + 20P
Qd = 50000 - 10P
What will be the excess demand for apartments once the price ceiling is implemented?© BrainMass Inc. brainmass.com October 10, 2019, 4:58 am ad1c9bdddf
This solution addresses the excess demand question and provides all calculations.