Consider the following Demand curve for Uber Rides: Q = = 120 - 4p Suppose that...

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Consider the following Demand curve for Uber Rides: Q = = 120 - 4p Suppose that the Supply Curve is perfectly elastic at a price of $20 per unit. 11. Draw both the Supply and Demand functions with Q on the x-axis and p on the y-axis. Label any x-intercepts and y-intercepts. [2 points] 12. What is the free-market equilibrium Quantity (Q*) and price (p*)? [1 point] 13. What is the slope of the Demand Function? Is it elastic or inelastic? [2 points] Now suppose that the Supply Curve shifts and is now perfectly elastically supplied at a price of $25 per unit. 14. What is the new free-market equilibrium Quantity (Q*) and price (p*) after this shift? [1 point] 15. What is the elasticity of demand between p = $20 and p = $25? Is the Demand Curve elastic, unit elastic, or inelastic on this portion of the Demand Curve? How do you know? [3 points] Consider the following Demand curve for Uber Rides: Q = = 120 - 4p Suppose that the Supply Curve is perfectly elastic at a price of $20 per unit. 11. Draw both the Supply and Demand functions with Q on the x-axis and p on the y-axis. Label any x-intercepts and y-intercepts. [2 points] 12. What is the free-market equilibrium Quantity (Q*) and price (p*)? [1 point] 13. What is the slope of the Demand Function? Is it elastic or inelastic? [2 points] Now suppose that the Supply Curve shifts and is now perfectly elastically supplied at a price of $25 per unit. 14. What is the new free-market equilibrium Quantity (Q*) and price (p*) after this shift? [1 point] 15. What is the elasticity of demand between p = $20 and p = $25? Is the Demand Curve elastic, unit elastic, or inelastic on this portion of the Demand Curve? How do you know? [3 points]