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The cost of rents in Australia is at an all-time high, with all major cities recording an increase. To ensure people can afford renting, the

The cost of rents in Australia is at an all-time high, with all major cities recording an increase. To ensure people can afford renting, the government is considering legislating a price ceiling for the rental housing market. Use demand and supply diagram to illustrate and explain the impact and problems of implementing a price ceiling for the rental housing market. (3 marks) b. Education is considered a positive eternality as it delivers a social benefit to society. Recommend one (1) measure the Australian government can implement to increase the demand for higher education. Use demand and supply diagram to illustrate and explain the impact of the recommended measure on the equilibrium price and quantity of higher education in Australia. (2.5 marks)

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