1. Demand and supply in a market are described by the equations Qd = 66-3P QS : -4+ZP Solve algebraically to nd equilibrium P and Q 2. Demand and supply in a market are described by the equations Qd = 120-8P Q5 = -6+4P Solve algebraically to Find equilibrium P and Q 3. What is the new equilibrium ifihe demand equation in the Question 2 changes to Qd = [DOP 4. The demand and supply for Product X are given by Q=20-P and Q=3P, respectively (i) Solve for the equilibrium price and quantity (ii) Suppose now the government imposes a per-unit tax ofS4 on the sellers. Solve for the new equilibrium price and quantity, and calculate the government revenue from the taxation. 5. Find the derivative (rststage differentiation: dy/dx) of the given functions; where y : ftx). (i) y= 1,000,000 (ii) y=98x (iii) y= 32 - 98): (iv) y= 20w 10x\"+15x3-7x + 4 (v) y= x'22x" + 13x (vi) y= x\" (vii)y=P ; where p is not relevant to y 6. Price Elasticity i. From the data shown in Table below about demand for a tablet, calculate the are price elasticity nfdemancl from: point B to point C , point D to point B , and point G to point H. Classify the elasticity at each point as elastic, inelastic, or unit elastic. Point P Q A $600 30,000 13 $700 28,000 C $800 26,000 D $900 24,000 E $1,000 22,000 F $1,100 20,000 G $1 ,200 18.000 H $1,300 16,000 ii. From the data shown in Table below about supply of electric fans, calculate the arc price elasticity of supply from: point J to point K , point L to point M , and point N to point P. Classify the elasticity at each point as elastic, inelastic. or unit elastic. Point P Q J $80 500 K $90 700 L $10 800 M $1 1 880 N $12 950 P $13 1,000 iii. The average annual income rises from $25,000 to $38,000, and the quantity of bread consumed in a year by the average person falls from 30 leaves to 22 leaves. What is the are income elasticity of bread consumption? ls bread a normal or an inferior good