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Assume rental market for apartments in anytown is in

Assignment

Assume the rental market for apartments in Anytown is in equilibrium as shown in the graph below.

The city council passes a rent control law that lowers the rent to $500. If the price elasticity of demand is 1.1 and the price elasticity of supply is .3, how large will the shortage of apartment be? You must show you work to get credit.

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