2. University Students have a choice of living in residence at the university or in private accommodation. The demand foruniversity residence is shown below. The university has 1100 spaces at $200 each, per week, and cannot build moreaccommodation in the short run.Price perweek (S)300280260240220210200190180Number of studentsper week300420500580650800120016002000a. What problem results from the current pricing policy?b. How can the problem be solved?c. Estimate the market-clearing price.d. Suppose now that prices from private accommodation and transportation increase, while the prices of university roomsremain unchained. How will these price increases affect demand for university accommodation?

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Answered: 2. University Students have a choice of…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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