2. Suppose that demand is QB = 1000 2P and supply is Q5 = 4P 200 so the market price is $200 and the quantity is 600. (a) What is the equation for inverse demand? (Hint: Solve for P). What is the equation inverse supply? (Hint: Solve for P). (b) What is the elasticity of demand and the elasticity of supply at P = $200? (You can skip this in 2021 since we did not dene elasticity in class one, but demand elasticity is the slope of the demand function, dQ/dP, times P divided by Q and supply elasticity is the slope of supply function times P divided by Q). (c) What is the consumer surplus? (Hint: Graph the inverse demand. Con sumer surplus is the area of the triangle dened by the inverse demand curve, the price and the vertical axis. Below is a graph with what you were given.) Price 200 500 Quantity (d) What is the producer surplus? (Hint: Graph the inverse supply. Producer surplus is the area of the triangle dened by three lines: the inverse supply curve and price and the vertical axis.)