Essay
The daily demand for hotel rooms on Manhattan Island in New York is given by the equation
QD = 250,000 - 375P. The daily supply of hotel rooms on Manhattan Island is given by the equation QS = 15,000 + 212.5P. Diagram these demand and supply curves in price and quantity space.
What is the equilibrium price and quantity of hotel rooms on Manhattan Island? 
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The equilibrium price can be found by eq...View Answer
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