Question
A real estate office handles an apartment complex with 50 units. When the rent per unit is $580 per month, all 50 units are occupied.
A real estate office handles an apartment complex with 50 units. When the rent per unit is $580 per month, all 50 units are occupied. However, when the rent is $625 per month, the average number of occupied units drops to47. Assume that the relationship between the monthly rentpand the demandxis linear.
(a) Write the equation of the line giving the demandxin terms of the rentp.
x=
(b) Use a graphing utility to graph the demand equation and use thetracefeature to estimate the number of units occupied when the rent is$655. Verify your answer algebraically.
____units
(c) Use the demand equation to predict the number of units occupied when the rent is lowered to$595. Verify your answer graphically.
_____units
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started