How many units will actually be rented

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Suppose the demand and supply schedules for rental apartment in the city of Gotham are given below Monthly Rent $2500 $2000 $1500 $1000 $500 Apartment Demanded 10,000 12,500 15,000 17,500 20,000 Apartment Supplied 15,000 12,500 10,000 7,500 5,000 Suppose a new government is elected and wants to keep out the poor. It declares that the minimum rent is $2500. If the can enforce this how many units will actually be rented and will there be a shortage or surplus by doing this ?

Reference no: EM13189636

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