2. Some analysts have argued that lodging reservation website Airbnb is responsible for an increase in both rents and housing prices in most American cities. The academic research supports this: a recent study found that between one seventh and one fifth of the observed growth in rents and home prices in US metropolitan areas between 2012 and 2018 can be attributed to Airbnb. This exercise asks you to use the supply and demand model to make sense of these effects (qualitatively, if not quantitatively) in the typical US city in the 20105. 3] Using supply-and-demand diagrams to back up your answer, explain what has happened in the market for long-term rentals and in the property market in the typical US city. Make sure you state which curves shifted and why, and [if it helps the analysis) justify the shape of the supply and demand curves by discussing their relative elasticities. b] Over time, what do you expect the impact of Airbnb to be on rental rates and housing prices? Justify your answer using the supply and demand model. Once again, make sure you are clear and explicit about how you are defining the relevant markets and [if you think this adds to the analysis} back up your arguments by bringing up elasticities