Question: here is question 1. Read the New York Times article, New Yorkers Are Fleeing to the Suburbs: The De- mand Is Insane, from August 30,

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1. Read the New York Times article, \"New Yorkers Are Fleeing to the Suburbs: The De- mand Is Insane," from August 30, 2020. The link is in the Assignment on courseworks. (a) Assume there is one market for residences in the suburbs of NYC, and one market for residences in NYC (all 5 boroughs). Assume they were both in equilibrium before the pandemic hit. (The article uses July of 2019 as its starting point.) Draw graphs showing these equilibria, labeling the equilibrium prices and quantities in each market with appropriate notation. (b) Redraw the graph for the suburban residences. Illustrate how it changed by July of of 2020. If any curves shifted explain why. Is the market still in equilibrium? Explain. (c) Redraw the graph for the NYC residences. Illustrate how it changed by July of of 2020. If any curves shifted explain why. Is the market still in equilibrium? Explain. (d) What do you think will happen in the market for residences in NYC after the pandemic is over? If any curves will shift explain why. Will the market still still be in equilibrium? Explain

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