Problem
Elasticity of demand in the market for one-bedroom apartments is 2.0, elasticity of supply is 0.5, the current market price is $1000, and the equilibrium number of one-bedroom apartments is 10 000. If the government imposes a price ceiling of $800 on this market, predict the size of the resulting apartment shortage.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.