question archive Let us assume that the demand for housing in Ottawa is given by the following equation: [Math Processing Error]P=500−(120)Q
Let us assume that the demand for housing in Ottawa is given by the following equation: [Math Processing Error]P=500−(120)Q
Subject:MarketingPrice:2.88 Bought3
Let us assume that the demand for housing in Ottawa is given by the following equation: [Math Processing Error]P=500−(120)Q. However, the supply of housing units is fixed at 6000 for this year.
What are the equilibrium price and quantity for houses in Ottawa? Use both algebra and graphs to illustrate your answer.
