1. For each of the following consider the market for vape pens.
   1. What is an event that would decrease demand?
   2. What is an event that would increase demand?
   3. What is an event that would decrease supply?
   4. What is an event that would increase supply?

1. Use the following data to answer the questions below:

Monthly Rent	Apartments Demanded	Apartments Supplied
$2,500	10,000	15,000
2,000	12,500	12,500
1,500	15,000	10,000
1,000	17,500	7,500
500	20,000	5,000

1. Graph and label the equilibrium rent and number of apartments in this market.
2. Suppose a law is passed that specifies rent may not go above $1000 per month, show this in your graph. Is this a price floor or a price ceiling? What would you expect to happen in this market following the passage of this law?

1. Graph and briefly explain what would happen to equilibrium price and quantity in the market for new homes if the average wage in construction falls.

1. Graph and briefly explain what would happen to equilibrium price and quantity in the market for new homes if interest rates on mortgages rise significantly.