2. The following market illustrates the market for post-secondary courses in NewVancouverland during one academic semester. The quantity involved is the number of spaces (or \"seats") in post-secondary courses. The price is the cost of one space in a course (this is the tuition for one course). Demand comes from students who wish to take post-secondary courses. Supply comes from the post-secondary institutions in NewVancouverland. In answering the questions, make sure you explain your approach and show your work. Just reporting figures (or numbers) without explanation will not earn marks. Price (S per course) Illllll l l l 20 40 60 80 100 120140 160 180 200220 240 Quantity (number of spaces in post-secondary courses) a. If the market is currently unregulated and in equilibrium, report the equilibrium price (tuition per course) and the equilibrium quantity (number of spaces or seats in courses). b. The government of NewVancouverland is unsatisfied with the free market equilibrium outcome you identified in part a. To increase enrollment, the government has decided that tuition can be no more than $200 per course. Characterize the outcome in the market if the tuition is $200 per course. c. The government is distressed with their proposed market intervention in part b. The government has now decided that they wish to have 140 seats offered and filled each semester. The government is also dedicated to making students pay the maximum amount possible while still filling 140 spaces. What is the tuition (price per space) that students will be charged with this policy? What must post-secondary institutions be paid for each space, to result in 140 seats being offered? If the government implements this policy, how much will the government pay in funding post-secondary education