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Q2: Consider a college town where the initial price of rental apartments is $500 and the initial quantity is 3,000 apartments. The price elasticity of demand for apartments is 1.25, and the price elasticity of supply of apartments is 0.75.

1. Use demand and supply curves to show the initial equilibrium, an label the equilibrium point a.
2. Suppose that an increase in college enrollment is expected to increase the demand for apartments in the college town by 30 percent. Use your graph to show the effects of the increase in demand on the apartment market. Label the new equilibrium point b.
3. Predict the effect of the increase in demand on the equilibrium price of apartments.
4. Find the new equilibrium quantity given the new price.

Instial fee and quantity of apartament de P - $500 (Pries) G = 3000 Apartament) Costierty of Lond. 1:25 find the Pr, and a fostly. 0.75 125 CP - 50o) - On - 3000 125 P2 - 1.25X500 - O - 3000 1.95 12 675 - Or- 90co oo 1.25 P2 - 3000 625 - 1.95 P2 = 2375 On bety of On - 3000 Dz - Pi P2 - 500 0.75 - Or - 3000 IP2 - 500 0.75 CP - 500) - On - 3000 0.756 5008075 - 06-3000 0 75 12 875 - C - 3000 - 0.75P2 3000-375 Od 0.75 P2 - 2625 2 salue 091-95 B 2375 - tu euschung 1.9582 0751 - 2625 - 2375 0.50 P2 - 250 Pe 250 = 500 0.50 P2 = 500 I P- 500 then, O=0 on Q21 1.25 P2 - 2375 -25 X 500 - 2375 at brice 500,8 equal 102 = 300 so, el een say that Ceipply s demad are so, maht is m - equilibrium at price $500, and quality 3000. soos But If quality demed - 30% then. Dubbb On - 3000 30 - 900 3000 Apatorent quality - 3000+ 900 - 3900. - demods. ad - 1.25 then prido (P2) - ? ad - 0 0 - 1.25 - 3900 - 3000 - P - R P2 - 500 1-95 900 - Escooted quality P2 - 500 2 dermed - 3900. -1-25CP2-500) = 900 1.25 P2 - 1.25x500 - 900 - Expected bil 1.25 P2 - 625 900 DR P2 =$1220. 125 P2 = 1525 P = 1525 - 1220 1.25 Instial fee and quantity of apartament de P - $500 (Pries) G = 3000 Apartament) Costierty of Lond. 1:25 find the Pr, and a fostly. 0.75 125 CP - 50o) - On - 3000 125 P2 - 1.25X500 - O - 3000 1.95 12 675 - Or- 90co oo 1.25 P2 - 3000 625 - 1.95 P2 = 2375 On bety of On - 3000 Dz - Pi P2 - 500 0.75 - Or - 3000 IP2 - 500 0.75 CP - 500) - On - 3000 0.756 5008075 - 06-3000 0 75 12 875 - C - 3000 - 0.75P2 3000-375 Od 0.75 P2 - 2625 2 salue 091-95 B 2375 - tu euschung 1.9582 0751 - 2625 - 2375 0.50 P2 - 250 Pe 250 = 500 0.50 P2 = 500 I P- 500 then, O=0 on Q21 1.25 P2 - 2375 -25 X 500 - 2375 at brice 500,8 equal 102 = 300 so, el een say that Ceipply s demad are so, maht is m - equilibrium at price $500, and quality 3000. soos But If quality demed - 30% then. Dubbb On - 3000 30 - 900 3000 Apatorent quality - 3000+ 900 - 3900. - demods. ad - 1.25 then prido (P2) - ? ad - 0 0 - 1.25 - 3900 - 3000 - P - R P2 - 500 1-95 900 - Escooted quality P2 - 500 2 dermed - 3900. -1-25CP2-500) = 900 1.25 P2 - 1.25x500 - 900 - Expected bil 1.25 P2 - 625 900 DR P2 =$1220. 125 P2 = 1525 P = 1525 - 1220 1.25