The Reserve Bank of Australia (RBA) is committed to doing what it can to support jobs. incomes. and businesses in Australia. The reserve bank of Australia reduced the official cash rate couple of times during the pandemic in 2020-21 to boost the economy. These RBA decisions to reduce interest rates have impacted many sectors including the housing sector in Australia. Suppose the housing sector in Australia is a perfectly competitive market a. Draw a diagram of a perfectly competitive firm making short-run economic losses during covid 19 pandemic stituation explain your answer 3 marks b. Explain the Impact or interest rate reduction in the housing sector. Draw diagrams to show the transition from a short run to a long run in a perfectly competitive market. (6 marks)