Question: The following table gives hypothetical data for the quantity of two-bedroom rental apartments demanded and supplied in Peoria, Illinois: a. Graph the demand and supply

The following table gives hypothetical data for the quantity of two-bedroom rental apartments demanded and supplied in Peoria, Illinois:

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.

Quantity Quantity Supplied Monthly Rent (thousands) thousands) $800 $1,000 $1,200 $1,400 $1,600 $1,800 30 25 10 19 17 15 17 19 21

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