Responding to government regulations: price ceilings This assignment walks you through a topic not covered in the Principles of Managerial Economics textbook It is set up similar to Assignment 9, where you had to search for prices to maximize profits. The intent of this assignment is to get you to think about the different 'margins' that a business operates on. Your company, Williams Enterprises, owns rental properties (e.g., apartments, houses) in a medium-sized city. While there is some other competition, you still have some market power and have some latitude in the rents you charge. To simplify matters, this assignment assumes that all of your rentals are 2-bedroom apartments. Rent includes a small garage for parking or storage. The city has a good market for owner- occupied condominiums, and many of your rentals could be taken off the rental market and sold as condos. Because of this, there is an upward-sloping marginal cost curve for providing 2-bedroom apartments. Part 1: No government regulation Rent: So