Question 28 (20 points] The real estate market in a local economy can be represented by the following supply and demand curves: Demand forhousing: Q : 15000 12513 Supplyforhousing: Q : 2513 Where: Q = thousands of homes per year, and P = price of housing in thousands a. Calculate the equilibrium price and quantity of housing that would exist under a free market. In. Calculate the consumer surplus and producer surplus in this economy under the equilibrium calculated in part a. c. The government is contemplating imposing a maximum price policy of P=150. Calculate the impact of this policy on the number of houses and price. d. Calculate producer surplus, consumer surplus and total surplus before and after the proposed change. Is the policy efficient from an economist's Viewpoint? Draw a representative diagram