QUESTION 1 (a) The perfectly competitive market for housing in Landak-land is at equilibrium. Suppose migiation surges to Iandakannd because of an economic boom. There are no changes in construction technology or manpower. Use a Well labelled supplydemand graph to explain the effects of these events on the Landak-land housing market equilibrium. (7 Marks) (b) Explain how the effect of increased migmtion di'ers between the short~run and the longrun, focusing on potential differences between short-run and longrun housing supply elasticities. Assume increased migration is the same in both the short~run and longum. Compare the predicted eicis to those in Question 1(a). Use a well labelled supplyvdemand graph to support your answer. (8 Marks) [Tom]: 15 MARKS] Nate: 1, Students need tajusn the selecfian afelusticfly demand and supply curves: 2, Explanation need to be giver! based on the diagram sketch by students