Q1 in the text we assumed that the condominium purchasers

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Q1. In the text we assumed that the condominium purchasers came from the inner-ring people-people who were already renting apartments. What would happen to the price of inner-ring apartments if all of the condominium purchasers were outer-ring people-the people who were not currently renting apartments in the inner ring?

Q2. Study Plan Problems and Applications
1. Rain spoils the strawberry crop, the price raises from $4 to $6 a box, and the quantity demanded decreases from 1,000 to 600 boxes a week.
a. Calculate the price elasticity of demand over this price range.

b. Describe the demand for strawberries.

Reference no: EM13352433

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