a. The perfectly competitive market for housing in Terengganu state is at equilibrium. Suppose migration surges to Terengganu because of an economic boom, however, there are no changes in construction technology or manpower. What possible effects will be expected because of these events on the Terengganu state housing market equilibrium and explain with relevant graph. (5 marks) ii. Explain how the effect of increased migration differs between the short-run and the long-run, focusing on potential differences between short-run and long-run housing supply elasticities. Assume increased migration is the same in both the short-run and long-run. Compare the predicted effects to those in question (i). (5 marks) b. When the price of petrol is $2.00 / liter, Shell petrol station sells 5,000 liters a week. When the price of petrol falls to $1.90 / liter, Shell petrol station sells 5,500 liters a week. Determine the price elasticity of demand for petrol. If the government policy increases the taxes on petrol revenues, what will be the effect on demand for car and demand for petrol and whether the elasticity is positive or negative? Discuss with the economic theory and technical economic term for the relevant elasticity. (10 marks) C. Jerry owns and operates a drinks stall at the nigh market and his annual revenue is $200,000 and his costs are $100,000. If Jerry was not selling drinks he would play golf instead, which he values at $25,000 (there are no costs of golf). Jerry wishes to retire to play golf and he wants to rent out his stall. What is the minimum annual rental rate he should ask, and why