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3. Assume a perfectly competitive (free) market for legal services (good X) where the supply curve is given by Q5: 16 + P. The price

3. Assume a perfectly competitive (free) market for legal services (good X) where the supply curve is given by Q5: 16 + P. The price of X (measured in hundreds of dollars) at the equilibrium point is P = 4. c Find the price elasticity of supply at the market equilibrium. 0 Find the equation of the linear demand curve if the price elasticity of demand at the equilibrium point is equal to -0.8

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