Question: Problems 12-14 are based on the following hypothetical demand and supply curves for apartments Rent/Month Number of Apts. Number of Apts. Demanded/Month Supplied/Month $0 120,000

Problems 12-14 are based on the following hypothetical demand and supply

curves for apartments Rent/Month Number of Apts. Number of Apts. Demanded/Month Supplied/Month

Problems 12-14 are based on the following hypothetical demand and supply curves for apartments Rent/Month Number of Apts. Number of Apts. Demanded/Month Supplied/Month $0 120,000 0 200 100,000 20,000 400 80,000 40,000 600 60,000 60,000 800 40,000 80,000 1000 20,000 100,000 1200 0 120,000 12. Sketch the demand and supply curves for apartments. 13. What is the equilibrium rent per month? At this rent, what is the number of apartments demanded and supplied per month? 14. Suppose a ceiling on rents is set at $400 per month. How many apartments are demanded? How many are supplied? What situation do we have

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