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The rent control agency of New York City has found that aggregate demand is Q D = 1 6 0 - 8 P . Quantity
The rent control agency of New York City has found that aggregate demand is
Quantity is measured in tens of thousands of apartments. Price, the monthly average rental rate, is measured in hundreds of dollars. The agency also noted that the increase in at lower results from more threeperson families coming into the city from Long Island and demanding apartments. The city's board of realtors acknowledges that this is a good demand estimate and has shown that supply is
If both the agency and the board are right about demand and supply, what is the freemarket price?
The freemarket price is $Enter your response as an integer.
What is the change in city population if the agency sets a maximum average monthly rent of $ and all those who cannot find an apartment leave the city? Assume that on average three people live or would have lived in each apartment.
The city's population will decrease by people. Enter your response as an integer.
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