Consider the market for single bedroom rental apartments in Inner Hobart, with an upward sloping supply curve and downward sloping demand curve. The current equilibrium price (rent) is $300 / week.

1. Draw a diagram showing the market for single bedroom rental apartments in Inner Hobart. Include and label the demand curve, supply curve, equilibrium price and quantity and the consumer and producer surplus.
2. Consider if the government introduces a legally enforced price ceiling of $200/week on single bedroom rental apartments in Inner Hobart.
3. 1. On a diagram label the number of single bedroom rental apartments supplied and demanded and the price with the price ceiling. Label the consumer and producer surplus with the price ceiling.
   2. Explain who is better and worse off as a result of the price ceiling.