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The following linear demand supply curves represent rental housing market in the Fairfax and Loudoun County in 2012.

Qs = 2,000 + 25R - 0.1HI - 15,000PT

Qd = 18,000 - 35R + 0.6HI

where R is the average rent

HI is the average household income ($120,000)

PT is the property tax per $1,000 ($1)

Suppose that HI is $120,000 and PT is $1, what is the market equilibrium rent and the number of rental properties rented.

The County authorities decided to impose a ceiling price (maximum rent) at $1,500, what would be the market shortage (in terms of the number of rental property)?

How much of public funding is necessary to support this rent subsidy program that has the ceiling price at $1,500 in the Counties.

What is the deadweight loss resulting from this rent control policy?

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