INSTRUCTIONS 0 Please read all questions carefully and make sure you understand them before you begin answering. - You must show all your work. You will not receive full credit for a correct answer if there is no work shown. - Write legibly and be as concise and precise as possible. QUESTIONS For below questions refer to below statement and inverse demand and supply functions. Suppose that inverse demand and supply curves for Japanese watermelon in North America are as the followings: Inverse demand function: P = 360 5 a: Qd Inverse supply function: P = 180 + 10 * Qs where Q4 and Q8 are quantities demanded and supplied in tons respectively, and P is the price of Japanese watermelon in dollars per kg? 1) If price elasticity of demand for Japanese watermelon at price P* is equal to -6/9, how much is P*? Show this point on a demand curve. 2) What is quantity demanded at price P* at which price elasticity of demand for Japanese watermelon equals to -6/9? 3) If price elasticity of demand for Japanese watermelon at price P* is equal to -9/6, how much is P*? Show this point on a demand curve. 4) What is quantity demanded at price P* at which price elasticity of demand for Japanese watermelon equals to -9/6? 5) What is market clearing equilibrium price and quantity in North America Japanese watermelon market? Show them on a diagram. 6) What is the total revenue created at market clearing equilibrium price and quantity in North America Japanese watermelon market