Question

# a recent study found that the demand and supply schedules for two bedroom apartments in the town

price rent per month 200 250 300 350 400 450
quantity demanded 400 375 350 325 300 375
quantity supplied 100 150 200 250 300 350
a. what are the equilibrium price and quantity of two-bedroom apartments in collegeville?
b. the city council of collegeville receives a petition from students complaining about the high rents in town. As s result the council creates a price ceiling that is\$100 below the equilibrium price. What is the new market price? how many two bedroom apartments will be rented?
c. landlords show up at the next council meeting and demand an increase in rents. the council members concerned about their upcoming reelection campaigns vote torepeal the price ceiling and instead replace it with a price floor that is 50\$ above the equilibrium. what is the new market price? how many two-bedroom apartmentswill be rented?

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