Suppose that the monthly demand for housing in Provo can be calculated using the following equation: QD = 10,000 –10P where QD = quantity demanded, and P = price. i.    Suppose further that the initial price is $400 dollars. What is the quantity demanded at this price? ii.   Calculate the price elasticity of demand between a price of $500 and $400. Show your work. iii.  Suppose a landlord asks for your advice on raising their rent to $500. Given your finding in part ii, how would you describe to the landlord the effect that this price change would have? Explain using the concept of elasticity.

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