Make sure to draw a diagram and show the rent control on the diagram!!!

ence each). The city council worries that rents have increased too much already and housing is becoming unaffordable. They consider introducing a cap on how much rent landlords could charge, equal to $1500. What is the name of this type of price control? Is it binding or non-binding? How can you tell? f) Re-draw your original diagram and show the rent control on this diagram. g) Calculate the new quantities of apartments demanded and supplied. Will everybody looking for an apartment find one at the price of $1500? If not, how many families will be able to find a rental apartment? h) Are there more families able to find and afford an apartment than before? Is the rent control helping buyers as intended? (2-3 sentences) i) Show the consumer and producer surplus after rent control on your second diagram