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Question 2 (23 points) The U.S. Department of Agriculture is interested in analyzing the domestic market for corn. The USDA's staff economists estimate the following equations for the demand and supply curves: Qd=1,500125P+10IQs=440+165P Where Qd and Qs are quantity demanded and supplied respectively; P is corn's price; I is consumers' income in thousands. Quantities are measured in millions of bushels; prices are measured in dollars per bushel. a) (4 points) Suppose income I=$10 (thousand). Calculate the equilibrium price and quantity that will prevail. b) (7 points) Calculate the income elasticities of demand at the equilibrium values. Is core a normal good or inferior good? If consumers' income increases 5%, what would be the percentage change in the demand for corn? c) (8 points) Calculate the price elasticities of supply and demand at the equilibrium values. Is demand or supply more sensitive to price change? What is the revenue for farmers from their production of corn at the equilibrium? Is it a good idea for farmers to increase price or decrease price? Why? d) (4 points) If government decides to implement tax on corn production. Which side (demand side or supply side) will share the tax burden more? Why