What is equilibrium price and quantity of apartment rentals

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Reference no: EM13744008

Suppose the demand for apartment rentals in New York is Q = 1000 - P and the supply of apartment rentals is Q = 4P

Part 1 - What is the equilibrium price and quantity of apartment rentals in New York?

Part 2 - Suppose the government imposes a price ceiling of $150. What is the impact on the equilibrium outcome?

Part 3 - Does this price ceiling necessarily increase consumer surplus? Explain.

Reference no: EM13744008

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