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Housing rental market equilibrium

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Reference no: EM132389446

Consider a housing rental market equilibrium in which: 100,000 units are rented, rent is $1000/month, supply elasticity is 3.0 and the demand elasticity is 1.0. Use the above data to calculate the impact of imposing of a $900/month rent ceiling on the (i) number of units rented and (ii) the shortage of rental units.

Reference no: EM132389446

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