Consider a row of houses. Define the occupancy rate to be the fraction of days occupied to days available. Suppose that the median occupancy rate for the houses is defined by $x$. The median rent for the houses per month is $\$77.91$.
If the median occupancy rate increased by $5$%, what would be the profit made?
My attempt:
If the occupancy rate increases by $5$%, then the new occupancy rate is given by $0.05x$. The rent per month is $\$77.91$, so the total amount made in a month is $0.05x\times\$77.91$. Hence, the increase in the amount made (the profit) by the landlord is $0.05x\times 77.91-\left(5\%\times\$77.91\right)$.
Is this correct?