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Demand for single occupancy apartments is Qd=400,000-250 P. Supply is given by Qs = 200,000 + 250 P. The price of an apartment is
Demand for single occupancy apartments is Qd=400,000-250 P. Supply is given by Qs = 200,000 + 250 P. The price of an apartment is measured in hundreds of dollars and quantity is measured in thousands of apartments. What is the equilibrium rent and quantity of apartments rented?
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Microeconomics
Authors: Robert Pindyck, Daniel Rubinfeld
8th edition
978-0132870436, 132870436, 013285712X, 978-0133371178, 133371174, 978-0132857123
