3) (17pts) Market Demand and Elasticities: Consider the demand for an iPhone 11. Suppose that the demand for a iPhone 11 is Qa = 5,000 - 2P + 2Ppixel + 20P AirPods, where P is the price of the ; Ppixel is the price of the Google Pixel 4; and PAirPods is the price for Apple AirPods. Assume that supply is given by Qs = -100 + 8P - 0.4P Battery. P is the price of a lithium battery for the iPhone 11. Assume: PPixel = $800; PAirPods = $250; and PBattery=$200. a) (3pts) What is the equilibrium price and quantity for an iphone 11? Graph your supply and demand equations in inverse form (i.e. price on left side of equation and Q on the right) and show the equilibrium P*, Q*. b) (2pts) At market equilibrium, what are the coefficients for the price elasticity of demand and supply for the iPhone 11? c) (2pts) What is the coefficient of the cross-price elasticity of demand for the iPhone 11 and AirPods? How would you describe the relationship between the iPhone and AirPods? d) (2pts) Ceteris paribus, what is the market equilibrium P* and Q* when the price of a Pixel falls from $800 to $600? e) (2pts) Ceteris paribus, what is the market equilibrium P* and Q* when the price of the iPhone's lithium battery increases from $200 to $300? f) (2pts) Now suppose the government wants to impose a tax on iPhones because it views Apple's profits as excessive. The government sets the tax equal to $100 per iPhone and places this tax directly on iPhone charging Apple $100 for each iPhone it produces. Calculate the new equilibrium and show the change in your graph labeling P* and Q*. (Fully label)