(10 points) The demand functions of a good is given by P + 2Q = 13...

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(10 points) The demand functions of a good is given by P + 2Q = 13 and the demand functions of a good is given by P - Q = 4. (a) (4 points) Determine the market equilibrium price. (b) (4 points) Find the elasticity of supply at this price. Is supply elastic, inelastic or unit elastic at market equilibrium? (c) (2 points) Estimate the percentage increase in price needed to increase supply by 2% of its equilibrium value. (10 points) The demand functions of a good is given by P + 2Q = 13 and the demand functions of a good is given by P - Q = 4. (a) (4 points) Determine the market equilibrium price. (b) (4 points) Find the elasticity of supply at this price. Is supply elastic, inelastic or unit elastic at market equilibrium? (c) (2 points) Estimate the percentage increase in price needed to increase supply by 2% of its equilibrium value.