Use the information in the following table (and in the graph) on the market for apartments in Bay City to answer the following questions. Rent Quantity Demanded Quantity Supplied $100 275,000 125,000 200 250,000 150,000 300 225,000 175,000 400 200,000 200,000 500 175,000 225,000 600 150,000 250,000 In the absence of rent control, what is the equilibrium rent and the equilibrium quantity of apartments rented? Equilibrium rent is $ and the equilibrium quantity is (Enter your responses and the equilibrium quantity is ||| thousand apartments. as integers.) C Price (dollars per month) 1000- 900- 800- 700- 600- 500- 400- 300- 200- 100- 0- Supply Price Ceiling Demand 0 50 100 150 200 250 300 350 400 Quantity (apartments per month in thousands) o o N
