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Use the elimination method in Exercises 55 – 58 to find an equilibrium point for the described supply-demand situation. You may assume that the supply and demand equations are both linear.
Supply and demand-housing. In doing a low-income housing survey, the local chamber of commerce found that if an apartment rents $400 per month, there were only 275 available; however, when the rental price rose to $550 per month, the supply increased to 350. In contrast, at a rental price of $400 per month, there was a demand for 450 units, but when the rental price increased to $550 per month, the demand dropped to only 200 units. Find the monthly rental price at which the number of apartments demanded and the number of apartments supplied will be equal.
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- Linear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning