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Show model with highly inelastic supply curve

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Reference no: EM131101698

Show a model with a highly inelastic Supply Curve (such as rental units in New York City). Show the effects of a price ceiling on this market. Show:

Equilibrium quantity

Price ceiling quantity

Equilibrium price

Price ceiling price

Consumer Surplus

Producer Surplus

Note any deadweight loss due to the price ceiling. Is it more or less than the standard model?

What is this model TELLING US?

Reference no: EM131101698

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