Given the following:

Supply Function 1: Q=2P, EQP=dQ/dP=2/2=1, this is elastic

Q/P

Supply Function 2: Q=3P-1, EQP= 3 > 1 VP>0, this is elastic

3-1/P

Demand Function: Q=4-p-1/2Y

When P=4, Q=11 and Ep= 3/11/4=12/11>1

1. Solve for elasticity.
2. For the supply curve functions show one that is unit elastic for all positive quantities and one that is elastic for all positive quantities.
3. For the demand curve function, show a curve that has the income elasticity of an inferior good.
4. Calculate point elasticity with your own values which have a reasonable economic interpretation.