Suppose in the market for apartments in Seattle
Suppose in the market for apartments in Seattle the equilibrium price is $1000 a monthand the equilibrium quantity is 50,000. Now assume, due to rising apartment rates, the government puts a price ceiling in place which does not allow the price of apartments to rise above $800 a month. At $800 a month, landlords supply 40,000 apartments and consumers would like to purchase 70,000 apartments.
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Provide a graphical analysis of theeffects of a price ceiling on consumer surplus, producer surplus and total welfare. Shade in the area that represents the deadweight loss.
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