ll. Suppose that the demand and supply schedules for rental apartments in the Tuguegarao City are given in the table below. Answers should be supported by solutions. {10 points} Apartments Monthly Rent Demanded m 10 tron m 4000 12,500 12,530 mu m man 2000 115% m 20.0% 5.0m} What is the market equilibrium rental price per month and the market equilibrium number of apartments demanded and supplied? If the local government can enforce a rentcontrol law that sets the maximum monthly rent at $3,{l{}, will there be a surplus or a shortage? Of how many units? And how many units will actually be rented each month? Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $5_{ltlt} per month. If the government can enforce that price tloorr will there be a surplus or a shortage? 0f how many units? And how many units will actually be rented each month? Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply the housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium rental p?|rice to fall to $3,{l per month? To $2,t]t) per month? To $1 ,-D per month