Question: PLEASE SHOW ALL WORKING. THIS IS AL THE INFORMATION GIVEN. Q1: (10 points) The three and only three suppliers for luxury sports cars in US

PLEASE SHOW ALL WORKING. THIS IS AL THE INFORMATION GIVEN. Q1:

PLEASE SHOW ALL WORKING. THIS IS AL THE INFORMATION GIVEN.

(10 points) The three and only three suppliers for luxury sports cars

50s1 P = 20 + 5Q$2 P = 5053 Please write down

Q1: (10 points) The three and only three suppliers for luxury sports cars in US have the following inverse supply functions: P = -10 + 50s1 P = 20 + 5Q$2 P = 5053 Please write down the aggregate market supply function.Q2: (10 points) Consider the following demand function describing the demand for good x: Q = (15 3P)! P is the price and I is income. 1) What is the income elasticity of the good if the price is $1 and income is 10? 2) Graph the demand function when I = 10. 3) Show graphically and With explanations in words What happens to the demand function if income increase to 12

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