4. The demand for housing is often described as being highly cyclical, and very sensitive to housing prices and interest rates.Given these characteristics, describe the effect of each of the following in terms of whether it would increase or decrease the quantity demanded or the demand for housing. Moreover, when price is expressed as a function of quantity, indicate whether the effect of each of the following is an upward or downward movement along the given demand curve or instead involves an outward or inward shift in the relevant demand curve for housing. Explain your answers.

i.An increase in housing prices

ii.A fall in interest rates

iii.A rise in interest rates

iv.A severe economic recession

v.A robust economic growth (expansion)

vi.A rule that bank should offer loan based on net income rather than gross income.