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Price elasticity of supply for apartments

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Reference no: EM132339220

1. Suppose when the price of an apartment (i.e. rent) is $500, the quantity of apartments supplied in your neighborhood is 10,000. When the price of an apartment is $700, the quantity of apartments supplied in your neighborhood is 15,000.

a. What's the price elasticity of supply for apartments in your neighborhood?

b.True or false: Given more time the price elasticity of supply for apartments will be larger.

Reference no: EM132339220

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