BUS102 Group Assignment T219 Question 2 - 20 marks The table shows the demand and supply schedules for low-cost housing. Rent ($ per room) 500 550 600 650 Quantity Demanded (rooms) 2,500 2,250 2,000 1,750 1,500 Quantity supplied (rooms) 2,000 2,000 2,000 2,000 2,000 700 a. b. If the government imposes a rent ceiling of $650 a month on rooms, what is the rent paid, how many rooms are rented and is the low-cost housing market efficient? ( 4 marks) If the government strictly enforced a rent ceiling of $550 a month, what is the rent paid, how many rooms are rented and is the low-cost housing market efficient? (4 marks) Suppose that with a strictly enforced rent ceiling of $550 a month, a black market develops. How high might the black market rent be? (4 marks) Would the low-cost housing market be fair? Explain your answer, with reference to results and rules theories of fairness. (8 marks) C. d. Question 3 - 20 marks The nrivate demand and supply of education is given by BUS102 Group Assignment T219 Question 2 - 20 marks The table shows the demand and supply schedules for low-cost housing. Rent ($ per room) 500 550 600 650 Quantity Demanded (rooms) 2,500 2,250 2,000 1,750 1,500 Quantity supplied (rooms) 2,000 2,000 2,000 2,000 2,000 700 a. b. If the government imposes a rent ceiling of $650 a month on rooms, what is the rent paid, how many rooms are rented and is the low-cost housing market efficient? ( 4 marks) If the government strictly enforced a rent ceiling of $550 a month, what is the rent paid, how many rooms are rented and is the low-cost housing market efficient? (4 marks) Suppose that with a strictly enforced rent ceiling of $550 a month, a black market develops. How high might the black market rent be? (4 marks) Would the low-cost housing market be fair? Explain your answer, with reference to results and rules theories of fairness. (8 marks) C. d. Question 3 - 20 marks The nrivate demand and supply of education is given by