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FCI owns 10 apartment buildings in a college town, which it rents exclusively to students. Each apartment building contains 100 rental units, but the owner is having cash flow problems due to an average vacancy rate of nearly 50 percent. The apartments in each building have comparable floor plans, but some buildings are closer to campus than others. The owner of FCI has data from last year on the number of apartments rented, the rental price (in dollars), and the amount spent on advertising (in hundreds of dollars) at each of the 10 apartments. These data, along with the distance (in miles) from each apartment building to campus are presented in rows 1 through 11 on the table (attached excel file with this document). As a consultant, regress the quantity demanded of apartments on price, advertising, and distance for the owner. What is the estimated demand function for FCI’s rental units?
If FCI raised rents at one complex by $100, what would you expect to happen to the number of units rented? If FCI raised rents at an average apartment building, what would happen to FCI’s total revenues?
What inferences should be drawn from this analysis?
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