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supply and demand problem?


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Old 09-07-2009, 04:53 PM
Dollar Dollar is offline
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Default supply and demand problem?

A real estate office handles an apartment complex with 70 units. When the rent is $405 per month, all 70 units are occupied. When the rent is $450, however, the average number of occupied units drops to 67. Assume that the relationship between the monthly rent p and the demand x is linear. (The term demand refers to the number of occupied units.) (a) Write a linear equation expressing x in terms of p.x = (b) Predict the number of occupied units when the rent is set at $480.(c) Predict the number of occupied units when the rent is set at $435.
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Old 11-25-2011, 11:07 PM
JesicaDepth JesicaDepth is offline
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Power is mainly determined by demand, if demand for the product is great, people are willing to pay a higher price for that product, and as a result, suppliers are more willing to make that product, because they can sell at a higher price . If demand is low, the opposite happens. Demand associated with the target, or if it is worse than a normal good. Since the median income for the sale of inferior goods will decrease, because people can afford a better choice, and in line with the normal sales of goods will increase with the increase of median income.
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