Question: the question are asked The table below contains data on the supply and demand schedules for rental housing in a small town: Quantity of Quantity

the question are asked

the question are asked The table below contains data on the supply

The table below contains data on the supply and demand schedules for rental housing in a small town: Quantity of Quantity of apartments apartments Rent supplied demanded (per (dollars per month) (per month) month) 200 20 100 300 40 80 400 60 60 500 80 40 600 100 20 A) Calculate the equilibrium rent per month (2 marks). B) Now suppose the government imposes a rent ceiling equal to $300 per month. Calculate the shortage of housing units as a result of this rent ceiling. (2 marks) Type your answers for A), and B) in the space below

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