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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.
Describe the set of bundles that Mr. Creosote can afford. Draw a few indifference curves and the budget line. How many muffins of each type will he buy?
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