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Answer Any 3 questions. Each question carries 5 marks1.The Municipal Corporation of a small college town decides to regulate rents in order to reducestudent living expenses. Suppose the average annual market-clearing rent for a two bedroomapartment had been Rs.10000 per month, and rents were expected to increase to Rs.15000 withina year. The Municipal Corporation limits rents to their current Rs.10000-per-month level.Explain what will happen to the rental price of an apartment after the imposition of rent controls.Do you think this policy will benefit students? Why or why not?2.Suppose you are the manager of a chain of computer stores. For obvious reasons you have beenclosely following developments in the computer industry, you have just learned that Thegovernment has passed a two-prong program designed to further enhance the computer industryposition in the global economy. The legislation provides increased funding for computer