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The following table gives hypothetical data for the quantity of two-bedroom rental apartments demanded and supplied in Peoria, Illinois:
Quantity
Monthly
Demanded
Supplied
Rent
(thousands)
$800
30
10
$1,000
25
14
$1,200
22
17
$1,400
19
$1,600
21
$1,800
15
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 and quantity.
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