\"Hint: If you are asked to illustrate or graph equilibrium in a market, then you should have a graph that looks something like gure 3.1? or 3.13 1. What is an opportunity cost? What is your opportunity cost of completing this assignment? 2. For each of the following consider the market for vape pens. a. What is an event that would decrease demand? b. What is an event that would increase demand? c. What is an event that would decrease supply? d. What is an event that would increase supply? 3. Use the following data to answer the questions below: Monthly He nt Apartments Demanded $2,500 ly 2,000 lZJBDU 1,5130 ly LOUD ll 50E] EUJUDU Apartments Supplied l SJUDU 1 L500 lyu 1500 a. Graph and label the equilibrium rent and number of apartments in this market. b. Suppose a law is passed that species rent may not go above Sl per month, show this in your graph. Is this a price oor or a price ceiling? 1What would you expect to happen in this market following the passage of this law? 4. Graph and briey explain what would happen to equilibrium price and quantity in the market for new homes if the average wage in construction falls. 5. Graph and briey explain what would happen to equilibrium price and quantity in the market for new homes if interest rates on mortgages rise signicantly