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The following equations describe the demand and supply of the market for rental ...
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The following equations describe the demand and supply of the market for rental housing in Utopia.
Demand: P=700-10Qd
Supply: P=100+5Qs
where P is the rent ($/month), Qd and Qs are quantity demanded and quantity supplied respectively.
If the rent ceiling is set at $400 a month, what is the quantity of housing rented and what is the maximum price that someone is willing to pay for the last unit house available?
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