problem 6 and 7:

Problem 6: Assume the daily supply function for burgers is Q = 500 +50p - 240 pF where pp is the price of our per pound (used to make burger buns). If the demand for burgers is (29 = 425 - 25 p. How does the equilibrium quantity change if the price of our goes up by $0.15!lb.? Problem 7: *Calculate the elasticity of the following demand functions at p=$2 and Q=10. Does the good have elastic or inelastic demand? A. Q; = 2+5== +(1i4)* Y B. Name 2 things that would make demand less elastic. *Calculate the elasticity of the following Supply functions at p=$3 and (2:100. ls supply elastic or inelastic? C. Q; =12p"2 *What is the crossprice elasticity of demand where Q = quantity of apples, p = the price of apples and pb = the price of bananas at the point where Q = 5, p = $1 and pg, =$0.5? D. (23 =23-5 p+4pb E. Based on the elasticity you calculated, are bananas a substitute for apples