please answer the question with explain.

1. Consider the following information about the demand and supply of bagels in Amarillo, Texas: Quantity of bagels demanded (thousands) 150 D Quantity of bagels supplied (thousands) a. (2) Use the midpoint formula to calculate the price elasticity of demand for bagels if the price rises from $5 to $6. Is this demand eiastic, inelastic, or unit elastic? Explain your answer. b. (2) Use the midpoint formula to calculate the price elasticity of supply for bageis if the price rises from $2 to 53. Is this supply elastic, inelastic, or unit elastic? Explain your answer. c. (2) Which tax would generate the most revenue: a tax on the consumption of tobacco products or a tax on the consumption of fresh beets? Explain your answer. d. (2) Compare the change in revenue when the price of bagels rises from $2 to $3 and when the price rises from $5 to 56. What does this suggest about the price elasticity of demand at these two price intervals? e. Suppose a price ceiling is placed on the bagel market at 53. i. (2) Will there be a shortage or a surplus, and how large is it? ii. (2) Compare the value of consumer surplus before and after the imposition of the price ceiling. State specifically whether there is an increase or a decrease, and how much it changes. iii. (2) If bagels are distributed on a firstcome firstserved basis, calculate the doilar value of the time spent waiting in line to get bagels. iv. (2) Calculate the deadweight loss associated with this price ceiling. f. Suppose that there is no price ceiling on bagels, and suppose instead that bagels are available through international trade at a world price of $2. i. (2) Compare the value of producer surplus with no international trade and with free international trade. ii. (2) How many bagels would be produced domestically and how many would be imported? iii. (2) If the federal government imposes a tariff of $1 on each thousand bagels imported, how would your answer to part ii. above change? iv. (2) What would be the total government revenue from the tariff in part iii.? 2. (2 points) Draw a demand and supply diagram illustrating the market for British pounds (f). Use the diagram to show what happens to the $/ exchange rate when the demand for hotel stays in London increases. Is this an appreciation or a depreciation of the pound against the dollar? Explain