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Let us assume that the demand for housing in Ottawa is given

Let us assume that the demand for housing in Ottawa is given by the following equation: P = 500? (1/20)Q. However, the supply of housing units are fixed at 6000 for this year.a) Plot the demand and supply curves in a graph. Make sure that you label the curves and write what you have put in each axis.b) What are the equilibrium price and quantity for houses in Ottawa? Use both algebra and graph to illustrate your answer.c) Let us assume that the recent IT sector boom has resulted in an inflow of skilled IT workers in Ottawa and as a result the demand changes to P = 1000 ? (1/20)Q. What are the equilibrium price and quantity for houses in Ottawa? Use both algebra and graph to illustrate your answer.d) Now let us assume that the supply is given by the following equation: Q = 60 + 8P. What is the new equilibrium price and quantity of housing in Ottawa? Use algebra to answer this part.

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