Question: Demand and Supply functions for rice are given as below:Q _ d ( R ) = - 1 6 0 0 - 0 . 3

Demand and Supply functions for rice are given as below:Q_d(R)=-1600-0.3P_R +0.1P_W +0.15YQ_s(R)=-200+0.8P_R -0.3P_W -0.1W +8RWhereas: P_R = Average Price of Rice, P_W = Average Wholesale Price of Wheat = $350, W = Average wages of unskilled labor = $750, Y = Income of the consumer = $8,000, R = Average Annual Rainfall =25 inches(a) Find out market-clearing price and quantity of rice.(b) Find out market-clearing price and quantity of rice if the government imposes $15 per unit tax on buyers and sellers simultaneously.(c) Find out cross-price elasticity of supply; interpret your results. Also, identify that both rice and wheat are what types of products.

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