Assume that Demand and supply for a product (If all other factors remain the same) are defined by the following equations: Qd = 2.5-0.25P Qs = 1+0.5 P a) Calculate the equilibrium price and quantity. b) If the price changes by 2 units, calculate the demand and supply quantity. c) Considering the combination of demand quantity and price in parts a and b calculate the Midpoint elasticity of demand.