Suppose the market for two bedroom apartments in a city is unregulated. That is, free of government regulations and the free market price and quantity respectively are; $1200 per month and 500,000 apartments. The city government decides to regulate apartment prices [in an attempt to discourage emigration from the city ultimately lowering tax revenues] and sets a price ceiling of $900 for two bedroom apartments. Explain the effect of this government action on the market for two bedroom apartments. 5. Use supply and demand analysis to explain why hotel room rental rates charged by hotels around a college campus during "home-coming"weekend may differ from rates charged during the rest of the semester. 6. Suppose the Organization for Petroleum Exporting Countries [OPEC] announces that they will increase the production of oil by 20%. Use Supply and Demand analysis to explain the effect of the increase in production on the price of oil. 7. Suppose the demand and supply curves for T-shirts at a popular resort are given by the following equations: dQ= 20,000−500Pand sQ=5000+1000P .