By how much percentage price of renting an apartment to rise

Reference no: EM13233923

A law was passed forbidding tenants from divide their apartments and renting out the different portions.

We know these facts:

The flexibility of the supply curve of rented apartments before the law was passed is 0.15

Before the law was passed, there was a rise in the demand for rented apartments, and this rise in demand caused a 30 percent rise in the number of apartments that were rented out.

We expect an additional increase in the demand for rented apartments, which will cause the number of rented apartments to rise by an additional 20 percent.

By how much percentage can we expect the price of renting an apartment to rise by?

Reference no: EM13233923

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