1. Price Ceiling Analysis:
   • Imagine a city implements a price ceiling on apartment rentals to make housing more affordable. The equilibrium monthly rent without government intervention is $1,200, with 1,200 units of demand and supply. The government sets a price ceiling at $800.
   • Calculate the new quantity demanded and quantity supplied (assume demand increases to 1,500 units, while supply decreases to 1,000 units).
   • Calculate the shortage created by the price ceiling.
   • Illustrate the changes on a supply and demand graph, marking the equilibrium price, price ceiling, quantities demanded and supplied, and identify the area representing deadweight loss.

• I need a visual of the graph as well