Save 10: 9-4506078] The city government is concerned about the high cost of housing rentals in the city. The indirect market demand curve of studio apartments is P(Q) = 4180 - 5Q and the indirect...

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Extracted text: Save 10: 9-4506078] The city government is concerned about the high cost of housing rentals in the city. The indirect market demand curve of studio apartments is P(Q) = 4180 - 5Q and the indirect market supply curve of studio apartments is P(Q) = 5Q. At the unregulated market equilibrium, what quantity of studio apartments are being rented and for what price? Quantity: 418. (Round answer to the nearest whole number and use in subsequent calculations). Price: 2090. (Round answer to the nearest whole number and use in subsequent calculations). Suppose the city government imposes a rent ceiling at P = $1090. At this price, how many studio apartments will be demanded and how many will be supplied? Quantity demanded: 618. (Round answer to the nearest whole number and use in subsequent calculations). Quantity supplied: 218. (Round answer to the nearest whole number and use in subsequent calculations). Assuming that the individuals with the highest reservation prices are the ones that obtain the rental units, what is the welfare impact of this policy on the market for studio apartments? Change in consumer surplus: 118000. (Round answer to nearest whole number, Include a negative sign when appropriate). 318000. (Round answer to one decimal place; Include a negative sign when appropriate). Change in producer surplus: 200000. (Round answer to one decimal place; Include a negative sign when appropriate). Change in social surplus: Similar question Grapher 55