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Equilibrium rental for a one bedroom apartment

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Reference no: EM131252105

Suppose that there are thousand one bedroom apartments in a small town and that this number is fixed. The table gives the quantity demand in the market for one bedroom apartments.

PRICE

DEMAND

500

1600

600

1400

700

1200

800

1000

900

800

1000

600

1200

400

A) What is the equilibrium rental for a one bedroom apartment?

B) Suppose 200 new apartments are constructed. What happens to the equilibrium rent?

C) Suppose more people move to the town increasing demand by 200 units at each price. What is the new equilibrium price keeping supply fixed at 1200 units?

Reference no: EM131252105

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