Please answer everything in a computerized manner not handwritten.

Please answer all the items.

INSTRUCTION. Show your solution and answers clearly. Write your solution and answers in a separate paper. 1. The market demand for burger is given by: Supply: 20P+Qs+100=0 Demand: 20P+Qd300=0; where P is the price for burger a. Graph the supply and demand for burger. b. In equilibrium, how many burgers would be sold and at what price? c. What would happen if suppliers set the price of burger at Php 15.00? Explain your answer and aid it with a graph. d. Suppose the price of Tacos, a substitute for burger, doubles. What will happen to the demand for burger? Explain your answer and aid it with a graph. 2. Given: Solve and interpret the results of the following: a. Own-price elasticity b. Cross-price elasticity c. Income elasticity 3. Suppose the demand for pomelo is given to be: Qd=2002.5P. Then, the current price of pomelo is P 55.00/kg. However, the producers are planning to increase the price of pomelo to P60.00/kg to increase revenue. a. What is the own-price elasticity of demand at the current price? b. If the income of consumer is given to be I=200, what is the income elasticity following the equation: Qd=200+0.301 ? 4. The weekly demand and supply for corn is given by the following equations where P is the price (in pesos) per kg of Saba Banana, and Q is the number of kg of Saba Banana in thousands. Demand: Q=14010P Supply: Q=10+5P a. Able to show graphically the equilibrium price and quantity for the market of Saba Banana. b. Since Saba Banana can be used for floor production of export quality, the government wishes to stimulate Saba Banana production. Thus, it sets a price floor of 12 pesos per kg of Saba Banana. What happens to the market? Aid your solution and discussion with a graph. c. Suppose that the government wishes to encourage Saba Banana consumption locally by making it more affordable for local consumers. Thus, it sets a price ceiling of 5 pesos per kg of Saba Banana. Is there any changes in the market? Illustrate the changes and briefly explain. INSTRUCTION. Show your solution and answers clearly. Write your solution and answers in a separate paper. 1. The market demand for burger is given by: Supply: 20P+Qs+100=0 Demand: 20P+Qd300=0; where P is the price for burger a. Graph the supply and demand for burger. b. In equilibrium, how many burgers would be sold and at what price? c. What would happen if suppliers set the price of burger at Php 15.00? Explain your answer and aid it with a graph. d. Suppose the price of Tacos, a substitute for burger, doubles. What will happen to the demand for burger? Explain your answer and aid it with a graph. 2. Given: Solve and interpret the results of the following: a. Own-price elasticity b. Cross-price elasticity c. Income elasticity 3. Suppose the demand for pomelo is given to be: Qd=2002.5P. Then, the current price of pomelo is P 55.00/kg. However, the producers are planning to increase the price of pomelo to P60.00/kg to increase revenue. a. What is the own-price elasticity of demand at the current price? b. If the income of consumer is given to be I=200, what is the income elasticity following the equation: Qd=200+0.301 ? 4. The weekly demand and supply for corn is given by the following equations where P is the price (in pesos) per kg of Saba Banana, and Q is the number of kg of Saba Banana in thousands. Demand: Q=14010P Supply: Q=10+5P a. Able to show graphically the equilibrium price and quantity for the market of Saba Banana. b. Since Saba Banana can be used for floor production of export quality, the government wishes to stimulate Saba Banana production. Thus, it sets a price floor of 12 pesos per kg of Saba Banana. What happens to the market? Aid your solution and discussion with a graph. c. Suppose that the government wishes to encourage Saba Banana consumption locally by making it more affordable for local consumers. Thus, it sets a price ceiling of 5 pesos per kg of Saba Banana. Is there any changes in the market? Illustrate the changes and briefly explain