Assume a demand equation:

Upper Q Subscript d Baseline equals 9 minus 0.1 p minus p Subscript c Baseline plus 0.01 p Subscript s Baseline plus 0.0001 Upper YQd = 9 − 0.1p − pc + 0.01ps + 0.0001Y

and a supply equation:

Upper Q Subscript s Baseline equals 0.1 p minus 0.02 p Subscript i Baseline plus 0.01 Upper N plus 0.01 Upper T minus 0.1 wQs = 0.1p − 0.02pi + 0.01N + 0.01T − 0.1w

where

p = price of the good

Q = quantity in thousands of units

p Subscript c Baseline equalspc=price

of a complement = $3
p Subscript i Baseline equalspi=

price of an input = $450
p Subscript sps=

price of a substitute = $200
N = number of firms = 700

Y = consumer income =
$20 comma 00020,000

T = index of technology = 300

w = wage rate =
$1010

If the price is

$4545,

there will be an

excess demand

excess demand

excess supply

of

nothing

thousand units.

Read the overview below and complete the activities that follow.apartment complexes often look for ways to recruit new tenants and retain current tenants. although apartment complexes offer the tangible benefit of shelter to their tenants, many apartment complexes also offer additional services to tenants to encourage tenants to stay or to support the rent prices. the following scenario identifies the several service gaps of a company that runs an apartment complex as well as solutions for reducing these service gaps.concept review: customers have certain expectations about how a service should be delivered. a service gap occurs when the delivery of a service fails to meet customer expectations. there are four types of service gaps: knowledge gap, standards gap, delivery gap, and the communications gap. it is important for marketers to identify these gaps and develop strategies for minimizing them.match the example or solution to the appropriate service gap category.1. wait for repairs 5. train employees well2. understand expectations 6. incentives for tenants3. do not overpromise 7. family movie night4. empower employees 8. delayed lawn careservice gap example solutionknowledge gap standards gap delivery gap communication gap