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).