1. Suppose a market can be described by the following two simple equations: P = s-mg, and P = v+rQ, where sgwlvpo a. Identify which curve represents demand and which is supply? [1 mark] P=mo b. Are there any missing mathematical restrictions on slwlvlr? If so, what additional restrictions should there be, and why? [3 marks] c. Sketch the market in the space below (make sure to label your axes). [4 marks] d. Solve for both equilibrium quantity and price and clearly indicate the equilibrium on the graph. [4 marks] e. Using the generic case above, solve for EITHER the own-price elasticity of demand g the consumer surplus at the equilibrium. [3 marks]