The demand for three-bedroom apartments in a specific town is given by: while the supply of three-bedroom apartments is given by . Answer the following questions with the help of both computations (and a sketch where appropriate). Price is in dollars per unit. (a): What is the equilibrium rental price (in $ per unit) and quantity of apartments leased in this market? [2 marks] (b): What is the price elasticity of demand for three-bedroom apartments at the equilibrium price obtained in (a) above? AND are the renters maximizing total revenue from leasing? [4 marks] (c): To support the lower income households, suppose the city government imposes a rental price ceiling of $3200. How many apartments will be leased out and at what price in this market? [2 marks] (d): Briefly discuss what will happen to the equilibrium price and quantity in each of the following cases [3 marks] (i): The city government provides cheap financing to developers to put up new apartments (ii): A new more efficient method of constructing apartments is discovered (iii): Price of four-bedroom apartments increase