2) (30 pts) The following equation represents the demand for coffee:Qc = 60 3PC 2Ps + I , where Pc is the price of coffee, Ps is the price of sugar, and I is the Income. Assume that Income equals 200 and the price of sugar is 10. a) (5pts) Derive the equations for the demand and the inverse demand curves. Draw this demand labeling as many points as you can. Indicate the regions where the demand is elastic, unit elastic, and inelastic. b) (5 pts) Assume the price of coffee is 50. Compute the own price elasticity of demand at the current price. Is the demand elastic, unit elastic, or inelastic at this point? What would happen to the revenue of the firm if the price of coffee went down? Why