1. Determine the short-run equilibrium level of rent, vacant space: Solved using the demand equations for occupied and Q = Q - bR (Occupied space) V = D - BR (Vacant space) S = Q + V We also know that last equation can be rewritten V = S -Q R' =- B+ b R' = Rent level 2. Given the short-run equilibrium level of rent, what is the short-run amount of occupied and vacant space? Solution Substituting back the equilibrium rent level into the occupied and vacant space demand equations we get:

1. Determine the short-run equilibrium level of rent, vacant space: Solved using the demand equations for occupied and Q = Q - bR (Occupied space) V = D - BR (Vacant space) S = Q + V We also know that last equation can be rewritten V = S -Q R' =- B+ b R' = Rent level 2. Given the short-run equilibrium level of rent, what is the short-run amount of occupied and vacant space? Solution Substituting back the equilibrium rent level into the occupied and vacant space demand equations we get:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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