The following table gives hypothetical data for the quantity of two-bedroom rental apartments demanded and supplied in
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a. Graph the demand and supply curves.
b. Find the equilibrium price and quantity.
c. Explain briefly why a rent of $1,000 cannot be the equilibrium in this market.
d. Suppose a tornado destroys a significant number of apartment buildings in Peoria, but doesn€™t affect people€™s desire to live there. Illustrate on your graph the effects on equilibrium price andquantity.
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a b 1400 is the equilibrium price and 19000 is the ...View the full answer
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Related Book For 
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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