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Consider the market for single bedroom rental apartments in Hobart in 2019 with an upward sloping...

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Economics

Consider the market for single bedroom rental apartments inHobart in 2019 with an upward sloping supply curve and downwardsloping demand curve. The current equilibrium price of singlebedroom rental apartments is $350 per week with 15,000

a. Draw a diagram showing the market for single bedroom rentalapartments in Inner Hobart. Include an appropriate title and labelthe demand curve, supply curve, equilibrium price and quantity.

b. Consider if the government introduces a legally enforcedprice ceiling of $200/week that the price (rent) of single bedroomrental apartments in Inner Hobart can not be above.

i. On your diagram label the number of for single bedroom rentalapartments supplied and demanded and the price with the priceceiling. Label the consumer and producer surplus and dead -weightloss with the price ceiling.

ii. Explain who is better and worse off a result of the priceceiling and why.

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