Authors libby rittenberg 229
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5.
Number of Apts.
Number of Apts.
Rent/Month
Demanded/Month
Supplied/Month
1000
20,000
100,000
1200
0
120,000
Draw the demand and supply curves for apartments.
6. What is the equilibrium rent per month? At this rent, what is the
number of apartments demanded and supplied per month?
7. Suppose a ceiling on rents is set at $400 per month. Characterize the
situation that results from this policy.
8. At the rent ceiling, how many apartments are demanded? How many
are supplied?
9. How much are people willing to pay for the number of apartments
supplied at the ceiling? Describe the arrangements to which this
situation might lead.
Attributed to Libby Rittenberg and Timothy Tregarthen
Saylor URL: />
Saylor.org
229
