1. (Topic 3) Price controls: Housing is a real issue in Australia, and it appears to be getting worse. An article from ABC News (https://www.abcnet.auwews/2022-03-17/could-rent- control-help-to-ease-australia-s-housing-crisis/100908288) discusses a possible solution in the form of rent controls. a) *Draw a simple model of the rental market for housing as outlined in the article. b) **What is the problem in the housing market, in economic terms? What type of price control is being discussed in the article? What are the economic arguments for and against using rent controls to address Australia's growing housing crisis? c) *Illustrate, in your diagram, how this form of price control would work, and the effect it would have on the welfare of renters and landlords. d) ***(Extending to Topic 4) What might you be able to assume about the price elasticities of demand and supply for rental housing, in the short-run? Does this have any bearing on the welfare consequence of this price control