[1 point] Industry Hypothesis. 2.1. [0.5 points] Define the supply and demand curves for the industry (show the equations) and the priceelasticity ofdemand (you can represent an imaginary situation). For example, the demand curve for the industry is QD=5001 OP and the supply curve is QS=200+1OP. Graph the curves (numerical, graphical and verbal answers). 2.2. [0.25 points] Show the equilibrium price and quantity (numerical, graphical and verbal answers). 2.3. [0.25 points] Show the consumer and producer surplus in a graph and calculate their value (numerical, graphical and verbal answers)