1) Given the graph of a market's inverse supply and demand functions for good X (e.g. supply & demand curves) below, please answer the following questions (25 pts): 160 a. Write the supply and demand functions in terms of the price for good X and double check the quantity (x-axis) & price (y-axis) equilibrium is indeed (100,150) (6 pts). b. Find Edx at market equilibrium (6 pts). [EC: also find the Esx at mkt equilibrium (2 pts)] c. Suppose good Y is a related good to X and the effects of Py is wrapped up in the constant of the demand function. Illustrate graphically & mathematically a change in Py of +$50 with a Edxy = +0.60 would have on the demand curve & function (think Qdx fon & its intercept) (8 pts). d. Given the effects from part C, what is the new equilibrium price & quantity and how is good Y related to good X (5 pts)