Draw the demand and supply diagram for rental apartments

Reference no: EM133614599

Problem: A municipality is Canada has the following demand and supply equations for rental apartments. For simplicity, we assume that all apartments are the same, so there is only one market and one price for these apartments. D: QD = 6900 - 3P S: QS = -1800 + 2P Solve algebraically for the equilibrium price and number of apartments rented based on the demand and supply equations. Draw the demand and supply diagram for rental apartments. Your diagram must include the vertical intercepts of the demand and supply curves and the equilibrium price and quantity.

Reference no: EM133614599

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