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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.
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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-example-1
User Abhink
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1 Answer

8 votes

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.

User Kevin King
by
4.5k points
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