please answer those questions

Question 9 (15 points) B4. The market for food processors is perfectly competitive and characterized by an inverse demand function of the form P = 700 - 10Q and an inverse supply function of the form P = 10Q - 300. (a) Determine the equilibrium values of price and quantity in the market and calculate the elasticities of demand and supply at the equilibrium. (b) The government decides to offer a subsidy on food processors at the rate of $100 per unit. Calculate the new equilibrium prices and output level and explain how the subsidy is shared between producers and consumers. Relate this division of the burden to the elasticities calculated in part a). (c) Now suppose that consumers are willing to buy 50 more units at each price. Determine the new equilibrium values of price and quantity. A/ Add a File Record Audio Record Video