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Initial shortage of apartments with rent control

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Reference no: EM133083352

Using a supply and demand graph, illustrate the market for rent-controlled apartments with the following data:

Equilibrium rent without rent control: $1,500

Rent with rent control: $700

Quantity of apartments demanded with rent control: 50,000

Quantity of apartments supplied with rent control: 20,000

What is the value of the initial shortage of apartments with rent control?

Now assume rent control leads to a reduction in the supply of apartments, and the new quantity supplied is now 15,000. Illustrate this on your graph.

Reference no: EM133083352

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