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[answered] Assume that the City Council in Prescott, AZ is considering


Assume that the City Council in Prescott, AZ is considering implementing price ceilings on rental units based on the number of bedrooms in the unit. The demand function for rental units (on a single bedroom equivalent basis) is given by QD?= 120 ? 4P and the supply function is given by QS?= 2P, where P is price and Q is quantity. The Council is giving consideration to imposing a ceiling price on rental units of Pmax?= 16.


Given

 

Qd = 120? 4P

 

Qs = 2P

 

At equilibrium supply = demand :?

 

=> 2P =120 ? 4P

 

=> P = 20 $

 

Quantity = 2*20 = 40 units

 

When Pmax = 16

 

So, Qs = 2*16 = 32 units

 

and Qd = 120 ? 4*16 =56 units...

 


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