Homework Help: Managerial Economics

Posted by Julia Miller on Sunday, September 5, 2010 at 10:13pm.

The general supply function for new housing in Miami is estimated to be
Qs ΟハΛΘペハΔP ボΓミPL ボΖPK
where P is the price per square foot of new housing in Miami, PL is the average hourly wage rate for construction workers, and PK is the price of capital (as measured by the average rate of interest paid on loans to home builders). Qs is measured in units of 1,000 square feet per month.

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