Business, 23.01.2020 05:31, brianwins07

The city council of a university town are concerned about the high rents being charged to college students. they're considering placing a $350 rent ceiling on apartments in the city. an economist at the university estimates the demand and supply curves for this market to be: q = 6,000 - 8p q = 400 + 6p where p is monthly rent, qc is the quantity of apartments demanded, and qs is the quantity of apartments supplied. a. calculate the equilibrium price and quantity that would prevail without the price ceiling. draw a graph showing this result. b. what are the new price and quantity demanded/quantity supplied after the imposition of the price ceiling? show this result on your graph. calculate the welfare measures when moving from the free-market to the price ceiling solution-specifically, find measures for changes in consumer surplus, producer surplus, and the deadweight loss.

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The city council of a university town are concerned about the high rents being charged to college st...