The next few questions deal with the market for "residential housing". For the purposes of this question you can assume that units of "residential housing" are homogeneous. Write out the equation that is used to calculate "own price elasticity of supply". In your own words write a definition of the economic meaning of the term "inelastic own price elasticity of supply". Why is the short run supply of residential housing considered to be relatively inelastic in supply? On the next page, draw a short run supply curve, with well labelled axes, that is relatively inelastic. Label your axes. You do not need to make up numbers for your graph. On the same graph, (on the same set of axes) draw a demand for housing curve that is relatively more elastic than the supply curve. Label equilibrium price and quantity on your graph. Imagine in this housing market, there is an increase in population. What happens to your graph? Which curve(s) shift? In what direction? Why? Show clearly on your graph what happens after the increase in population to equilibrium price and equilibrium quantity