Question

The town of snowville is concerned that its rental property market is overpriced. the demand for rental housing is p = 48 - 2q, while the supply of rental housing is p = 12 + q. if the town imposes a price ceiling of 16 dollars, and the quantity demand will be ___ while quantity supply will be ___.

Answer 1

For this case what you should do is to clear q in both equations with a price of p = 16 $
We have then:
For the demand
p = 48 - 2q
q = (48 - p) / 2
q = (48 - 16) / 2
q = 16
For the supply:
p = 12 + q
q = p-12
q = 16-12
q = 4
Answer:
if the town imposes a price ceiling of 16 dollars, and the quantity demand will be 16 while quantity supply will be 4.