Final answer:
The prices of two-bedroom apartments in NYC during the real estate boom from 1994 to 2004 can be approximated by a function p(t). This mathematical model reflects changing market conditions, including the non-sustainable rates of increase during the housing bubble.
Step-by-step explanation:
The average price of a two-bedroom apartment in downtown New York City during the real estate boom from 1994 to 2004 can indeed be approximated by a function p(t), where t would represent time, and p(t) the price at that time. This would be a mathematical model used to analyze the real estate market trends. The period mentioned does not exactly match the housing bubble era described, which is noted to have occurred roughly between 2003 to 2005, where housing prices increased significantly.
Using this model, one could study the housing prices which have varied over time due to factors such as changes in demand, market conditions, and economic factors. This aligns with the historical fact that housing prices increased around 6% per year during the 1970s, 1980s, and 1990s, experiencing a more drastic increase during the housing bubble period—almost double the annual rate.
Nevertheless, the expression p(t) is simply a way to represent that prices can be a function of time, and thus, one could say that it is true that housing prices, in a broad sense, can be modeled as such for any period, including from 1994 to 2004 in New York City.