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Implementing price ceilings on rental units

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Reference no: EM132444856

Problem:

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.

Question:

Could you please explain what they mean by Pmax = 16

Also could you please explain what schedules should be use...or let me know if I am on the right track with the following schedule:

Price                  Demand                  Supply

   120                      236                        240

   130                      246                        260

   140                      256                        280

   150                      266                        300

   160                       276                       320

Reference no: EM132444856

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