Lesson 4-Written Homework Assignment A. Assume that the rental rates for averaged sized two-bedroom apartments in St Louis, Missouri is $950. Suppose the government imposes a rental rate of $750 for these apartments. 1. Using a well-labelled graph describe the impact a rental rate of $750 on the market for apartments in St Louis? (40 pts) 2. What type of price control measure is the government instituting here? (10 pts)B. The push to increase the national minimum wage to $15 has been on the news lately. Assume that the minimum wage in most states is currently $7.50. 1. Using a well-labelled graph describe the impact on local labor markets of an increase of the increase in the minimum wage from $7.50 to $15? (40 pts) 2. What type of price control measure is the government instituting here? (10 pts)