7:34 18.0 D 41. 48 bartleby.com/que + :D Substitute q-60 (the fixed quantity of apartments): op 1200 10(80) op 1200 800 ° p=400 Thus, the market price (the equilibrium price) for apartments is $400. Monthly rent The Market for Apartments Graphical Representation: • On the graph, the demand curve slopes downward, meaning that as the price decreases, the quantity demanded increases. • The demand curve slopes downward from a price of $1200 at apartments to co O III
7:34 18.0 D 41. 48 bartleby.com/que + :D Substitute q-60 (the fixed quantity of apartments): op 1200 10(80) op 1200 800 ° p=400 Thus, the market price (the equilibrium price) for apartments is $400. Monthly rent The Market for Apartments Graphical Representation: • On the graph, the demand curve slopes downward, meaning that as the price decreases, the quantity demanded increases. • The demand curve slopes downward from a price of $1200 at apartments to co O III
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter29: Interest, Rent, And Profit
Section29.2: Rent
Problem 2ST
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