What are the equilibrium rent and number of rooms?

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Reference no: EM13174289

The table below shows the demand and supply schedules for on-campus housing.

                 Rent                                 Q Demanded                             Q Supplied

         (Dollars per month)                                                (rooms)

               500                                        2,500                                          2,000

               550                                        2,250                                          2,000

               600                                        2,000                                          2,000

               650                                        1,750                                          2,000

               700                                        1,500                                          2,000

               750                                        1,250                                          2,000


How can this be displayed in a graph?


a. What are the equilibrium rent and number of rooms?

b. If the college puts a rent ceiling on rooms of $650 a month, what is the rent and how many rooms are rented?

c. If the college puts a rent ceiling of $550 a month, what is the rent and how many rooms are rented?

d. If a black market develops, how high could the black market rent be?

Reference no: EM13174289

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