Give this answer based on the following: "the equilibrium price is $1600. Suppose the government is considering implementing a policy that is geared towards encouraging new developers to supply 2-bedroom housing units while supporting the current suppliers.3 What changes are expected in the market for 2-Beds? describe the new market outcome and compare it to the previous market outcome. This description should include the current market price (rent), the price tenants pay, the price landlords receive, and the quantity of housing units rented per month. Also include consumers' surplus, producers' surplus, government surplus (if any) and the total surplus in the market. Be sure to include a discussion about whether the market's equilibrium status and level of efficiency. This discussion should inform what factors led to the conclusion about equilibrium and efficiency and provide appropriate measures (if any) of these. Also include a brief discussion about whether the current market adequately provides affordable housing to those desiring to rent a 2-bedroom housing unit. As with question 1, all calculations and graphs should be documented on a separate page(s), labeled as Appendix 2, and referred to (where appropriate) in the discussion