Case 2: The real estate sector in Pakistan is gaining attention by investors day by day. The real estate market in Pakistan is worth between $1.5 and $2 trillion. Pakistan's real estate sector has significant potential to contribute to annual GDP growth, which is having worth of almost $314 billion. The reason behind this is the prices of property have been increasing in the last two decades so investors feel it is a relatively safer investment option. Real estate includes residential, commercial, industrial, and agricultural properties. Housing services in Pakistan are widely run by different estate enterprises such as; Zameen.com, Graana, Star Marketing, Square Nine, Sky One Real Estate and Builders etc. Population growth is a major factor behind the increased demand for real estate, especially housing. The quantity demanded and quantity supplied of residential property at different prices is given below: Price (thousand Rs.) Quantity Demanded Quantity Supplied (square square yards) Guards 15 30 25 25 15 35 20 20 45 15 Requirement a) Using the table given above, illustrate at which price, the real estate market for residential land is in equilibrium? b) Calculate the price elasticity of demand of residential property when the price of land is 26 (thousand Rs.) and also interpret the result. (Marking scheme: 1 + 3)Among basic food items, wheat crops and sugarcane are significant and high-valued cash crops being locally produced in Pakistan. But unfortunately, the wheat and sugar crisis hit several times in the history of Pakistan due to unfair political support for powerful landlords. Despite producing 27 million tonnes of wheat and 81 million tonnes of sugarcane, Pakistan has imported 3.$12 million tonnes of wheat and 201,320 tonnes of sugar in FY2021. In order to regulate the two primary commodities" increasing prices, the government has actually opted for much higher imports, but these attempts have so far failed to bring any price relief to consumers. In the below table, nominal prices of wheat flour and refined sugar and CPI values for the years 2019 to 2021 are given: Unit Year Nominal price (Rs) CPI Real Price Wheat Flour Ka Aug-2020 154.41 Refined Ka Bupar Aug-2021 105.46 153.85 Requirement Using the information provided in the above table and assuming Aug- 2019 as the base year, find the real price of wheat flour and refined sugar for each given year. (Marking scheme: ] + 3)