survey of economics

College Enrollment and Apartment Prices. Consider a college town where the initial equilibrium price of apartments is​ $400 and the initial equilibrium quantity is​ 1,000 apartments. The price elasticity of demand for apartments is 1.0 and the elasticity of supply is 0.50.  
Suppose the demand for apartments increases by​ 15%.  
The new equilibrium price of apartments
increased
by
?percent ​(enter your response as an​ integer).

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  1. increase

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