A market for apartments is characterized by the following functions: Demand: P...
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A market for apartments is characterized by the following functions:
Demand: P = 2720 - 0.1Q
Supply: P = 433 + 0.4Q
Suppose the government imposes a price ceiling at $1285.
Calculate the loss of surplus for the renters who are no longer able to find an apartment to rent.
Do not enter the negative sign.
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