1. Imagine the monthly market for 1 bedroom apartments in Kingston is characterized by the following equations, where P is monthly rent, Qd is the quantity demanded, Qs is the quantity supplied and Y is income: Qd=2000-3P+3Y Qs=2P Assume income is currently $1000 a month (Y: 1000, in the equation above.) The mayor, concerned about housing affordability, announces a rent control policy that sets a max price for a 1 bedroom apartment at $800. How does this policy inuence the market price and quantity? Will all renters be better off due to this policy? Include a diagram of your results in your