Question: Please answer all parts! Question 10 (8 points) [8 marks] At a perfectly competitive market. the demand function for grapes is given by q =
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Please answer all parts!

Question 10 (8 points) [8 marks] At a perfectly competitive market. the demand function for grapes is given by q = 67 0. 1p, where p is the price in dollars per crate and q is the number of crates of grapes demanded per week. '1. [3 marks] Find the elasticity of demand and show that the demand is unit elastic when p = 335. 2. [2 marks] At the same market, the inverse supply function is given by p 2 2g 74. If there is no tax or subsidy, calculate the equilibrium price and equilibrium quantity. 3. [3 marks] The government decides to impose a tax of t = $12 per crate. Calculate the consumer tax incidence and the change of the consumer after tax
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