a) b) The demand function for a certain make of exercise bicycle sold exclusively through cable television is 2 = 9-0.029 where p is unit price in hundreds of dollars and q is the quantity demanded/week. i) Compute the elasticity of demand. ii) Determine the range of prices corresponding to inelastic, unitary and elastic demand by solving the equation E(p) = 1. The corresponding supply function for part (a) is given by p = 1 +0.02q where p is unit price in hundreds of dollars and q is the quantity supplier will make available at price p. Determine the consumers' surplus and the producers' surplus if the unit price is set at the equilibrium price.