Consider the Smith family who have the following demand for rental housing (q, measured in square feet):
q = 0.5 * (y/p),
where y is the Smith family income and p is the price of housing per square foot. The Smith's income is $2000 per month and initially the price of housing is $2 per square foot.
If the Smiths are operating on their demand curve, how much housing are they consuming?
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