Consider competitive market for apartments

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Consider a competitive market for apartments, What would be the effect on the equilibrium output and price after the following changes (other things held equal), In each case, explain your answer using supply and demand.

1- A rise in the income consumers

2- A $10 per-month tax on apartment rentals.

3- A new construction technique allowing apartment to be built at half the cost.

Reference no: EM131173963

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