helpp

Q3 [110 points] Suppose that an estimated monthly demand and supply functions for apples in the U.S. are given by: = 200 - 40 p + 20 py+0.015Y Q = 85+ 35 p - 20P/ where Q is the quantity of apples demanded in tons per month; p is the price of apples in US dollars per kilogram; p, is the price of quince (a substitute good) in dollars per kilogram; Y is the income of consumers per month in thousand dollar, A2.13 Q is the quantity of apples supplied in tons per year, p, is the price of fertilizer (an input) in dollars And suppose further that Pis $2 per kilogram; Y is 4000 per month; p/is $0.50 per kilogram. Answer the following questions, a) Draw the demand curve for apples. You should be very precise and accurate in your drawing, especially when showing the price and quantity intercept values on the diagram. b) Calculate the responsiveness of a change in the quantities demanded to a unit change in the price (i..., show how the quantities demanded would change if the price changes by a unit). Explain your answer. c) Write the inverse demand function and calculate the slope of the demand curve. What does it tell us regarding the relationship between the price of apple and the quantities