1. Imagine that the community you live in decides to enact a rent control of $700 per month on every one-bedroom apartment. Rent Quantity Demanded Quantity Supplied $600 700 240 $700 950 320 $800 400 400 $900 250 480 $1000 100 560 (a) Ilustrate the market after rent control is enacted. (b (c (d Determine the market price and equilibrium quantity without rent control. How many one-bedroom apartments will be rented after the rent control law is passed? ' Nt St N By how many units did the rent control create a shortage? 2. Suppose that the demand for low-skilled labor, p, and the supply of low-skilled labor, Qg, are represented by the following equations, where W is the wage rate: Qp = 53,000,000 3,000, 000W Qs = 10,000, 000 + 6,000, 000W (a) Find the equilibrium wage and quantity of labor. (b) What happens if the government sets the minimum wage at $8. Does this minimum wage cause a surplus or a shortage? (c) What happens if the government sets the minimum wage at $6. Does this minimum wage cause a surplus or a shortage