Constant-elasticity model 1. Calibrate a constant-elasticity demand function for milk in the US. 2. Calibrate a constant-elasticity supply function for milk in the US. According to the United States Department of Agriculture, US milk demand decreases at a rate of about 10% per decade. We interpret this information as stating that at the current price, the quantity of milk demanded by US consumers will be 10% lower in 10 years. 3. Find the point through which the milk demand curve will go in 10 years. 4. Recalibrate the demand function to reflect the future demand, assuming that the demand will still be of the constant-elasticity form and that the demand elasticity does not change. 5. Compute the future market equilibrium. 6. Using a graphing software, represent the two demand curves, the supply curve, and identify the two equilibria. Check that your numerical answer is consistent with the graph