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Explain what would happen if there was safety issue of renting the apartments
resulting in the decrease to 7 units? (Show computations) What would be new
equilibrium price and quantity.

Explain what would happen if there was safety issue of renting the apartments resulting in the decrease to 7 units Show computations What would be new equilibri class=

Respuesta :

Tundexi

Answer:

When quantity supplied decreases by 7 apartments at each rent, the new supply and demand schedule is given below:

Monthly rent    QD        QS

400                   30           9

450                    25           11

500                    20           13

550                    15            15

600                    10            17

So, the new equilibrium price is $550 and quantity is 15.

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