An economist estimates that market demand for apartment in Boulder is Qd = 100 5P, with
Fantastic news! We've Found the answer you've been seeking!
Question:
An economist estimates that market demand for apartment in Boulder is Qd = 100 – 5P, with quantity measured in thousands of apartments, and price, the average monthly rental rate, measured in hundreds of dollars. The city’s board of realtors has shown that supply is Qs = 50 + 5P. What is the market price and quantity in terms of apartments in Boulder? Explain what will happen in this market if the city council forces average monthly rental rate to equal $100 (Note: since P, price, is measured in hundreds of dollars, then $100 is P=1).
Related Book For
Posted Date: