2020, the worldwide daily supply function of gasoline is given by !() = 150 + 100. The daily demand of gasoline in 2020 is: "() = 300 50, where p is the price per gallon of gasoline and q is in the unit of million gallons. a) Solve for the market equilibrium for daily gasoline in 2020. What is the equilibrium price? What is the equilibrium quantity? b) In the summer of 2022, people started to return to offices and to traveling. This leads to an outward shift of the demand. Suppose now that the demand becomes: "() = 700 50. In the meantime, the supply-chain problems and the Ukrainian war has led to an inward shift of the supply. Suppose the supply becomes: !() = 100 + 100. What is the new equilibrium price and what is the new equilibrium quantity? c) What is the demand elasticity at the equilibrium of 2022? What is the supply elasticity? Which one is more elastic