3. In Metropolis, only taxicabs and privately owned automobiles are allowed to use the highway between the airport and downtown. The market for taxi rides is perfectly competitive and there is a special lane for taxis, so that a taxi is always able to travel at 55 miles per hour. The demand for trips by taxi is given by the equation Qd = 1000 + 50G -4E - 400P, where P is the taxi fare, E is the average speed of a trip by private automobile, and G is the price of gasoline. The supply of trips by taxi is given by Qs = 200 - 30G +100P. a. If E = 30 and G = 4, find the equilibrium taxi fare (P) and the number of taxi rides given (Q). b. At the equilibrium values, calculate the price elasticity of demand and the price elasticity of supply for taxi rides. c. Find the Cross Price Elasticity of Demand between car trips and taxi trips, where you look at the percentage change in the quantity of taxi trips (Q) relative to the percentage change in the price of a car trip (G), or sec_ary using the current values for E and G, and the equilibrium values for P and Q. Have you found that Car trips and Taxi trips are complements, or substitutes