Question: Please show steps involved in the questions 1. Demand Consider the following Q and Qs. Q (p) = 35-5p Qs(p) = 10p +5 a. Graph

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1. Demand Consider the following Q and Qs. Q (p) = 35-5p Qs(p) = 10p +5 a. Graph QP and QS. b. Find Q* and P* mathematically. 2. Elasticity Consider the following demand equation for good a. Good a demands is a function of income (Y) and prices of good b and c. QD(p, Y, Pb, Pc) = 12 - 3pa +5Y - 3po + 4pc. Pa = 2 Y=500 Pb = 3 Pc = 5 a. Calculate elasticity of demand. Does it respect law of demand? is it elastic or inelastic? Why? b. Calculate elasticity of income. Is it inferior or nomal good? Why? c. Calculate cross-price elasticities with good b. Is good b a complement or substitute? Why? d. Calculate cross-price elasticities with good c. Is good c a complement or substitute? Why

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