The table below contains data on the supply and demand schedules for rental housing in a small town Rent (dollars per month) 200 300 400 500 600 Quantity of apartments supplied (per month) 20 40 60 80 100 Quantity of apartments demanded (per month) 100 80 60 40 20 A) Calculate the equilibrium rent per month 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

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Question: The table below contains data on the supply and demand schedules for rental housing in a small town: Rent (dollars per month) 200 300 400

The table below contains data on the supply and demand schedules for rental housing in a small town:

Rent

(dollars per month)

200

300

400

500

600

Quantity of apartments supplied

(per month)

100

Quantity of apartments demanded (per month)

100

A) Calculate the equilibrium rent per month

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.

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