8. Suppose the market demand and market supply for apartments in a city are given by the following functions: Qd=5000-3p Q5=1000+p a) At what price does the market for apartments in the city clear? How many apartments are rented at this price? b) Suppose the city sets a maximum rent at $1200. Illustrate the rent control in a supply and demand diagram. Is there a shortage? If so, what is the excess demand? c) Suppose that there is a binding rent control law. What must be true of the maximum rent imposed by the cityr for it to be binding? Will there be an excess demand or supply of apartments at this price? d) Further, suppose that in response to the rent control law, some (but not all) landlords decide to convert their apartments to condominiums, which are not subject to rent control. What will the effect on the rental market for apartments be? Show using a diagram