1 1. The demand and supply functions for coal are given as: Qd = 99 - 2Pc + 1Psb - 2Pcm + 0.1Y Qs = 30 + Pc - 1Pk - 0.2P, - 0.4Par Where Pc = price of coal Psb = price of substitute to coal (natural gas) =1 Pem = a complement to coal =10 Y = income = 200 Pk = price of capital = 31 Pl = price of labor = 30 Par = price of other natural resources used in production of coal = 10 . Obtain the inverse demand function (3 points) b. Obtain the inverse supply function (3 points) c. Sketch the demand and supply function for this coal market (be sure to label your axes and intersects) (4 points) 2 d. Obtain the equilibrium price and quantity (3 points) e. If the price of capital increased from $31 to $62, find the new inverse supply function (ceteris paribus) and sketch the new supply curve ($2). Label the point at which the supply curve intersects the price axis (3 points)