1 1. In the market for waakye, the demand for waakye is given by Qd=50- 2Pw-0.SPj-5M where Pw=price of waakye, Pj=price of jollof, M=income a) What is the relationship between waakye and jollof? And what type of good is waakye? b) If Pj=30. M=3 and the supply equation for waakye is given by Qs = 2Pw-4, find the equilibrium price and quantity c) Calculate the price elasticity of demand and supply at the equilibrium d) If income (M) increases to 4, what will happen to demand? Sketch the new demand curve e) Using demand equation in (d) and the supply equation in (b) calculate the new equilibrium price and quantity; as well as the new price elasticity of demand at equilibrium