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Suppose the market for housing is characterized by Qd=500-2P Qs=3P-100 a.Find the wealth maximizing price and quantity b.Suppose do-gooder policy wonks decide that the market

Suppose the market for housing is characterized by

Qd=500-2P

Qs=3P-100

a.Find the wealth maximizing price and quantity

b.Suppose do-gooder policy wonks decide that the market price is unfair, and set a legally binding P=$100. Find the outcome of this policy and discuss the implications.

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