If the government will intervene in this market and imposes that the minimum price will be 20% more than the market price, L. How much would be the quantity demanded? Round-up to two decimals. M. How much would be the quantity supplied? Round-up to two decimals. N. From L and M, what is the condition in the market? Explain concisely. If the new supply equation will be Qs'$ = 26,250 + 712.50P$, o. What would be the new equilibrium price (round-up to two decimals)? P. How many of this product will be bought and sold at this new market price? Round-11p to two decimals. o. What is the specic reason for this change in supply? . Use the market demand on #1 and identify the range of price that will give a/an A. elastic demand B. inelastic demand 0. unitary elastic demand D. perfectly elastic demand E. perfectly inelastic demand 1. Assume equations 1 and 2 below were estimated from the data gathered that will represent the demand and supply functions respectively of an individual buyer and seller respectively for product X. de= 65,000 11.25}: + 15P, 3.751 + 7.5.4 Eq. 1 Qs,= 7,500 +14.25i115P, 3.7sc Eq. 2 where PX price of product X; PY price of product Y; I average consumer's income; A advertising expenditure; P2 price of product Z; and C cost of production. Use the following additional information: the price of a related product, Y, is P4125; the average consumer's income is P12,000; advertising expenditure is P2,500; the price of product Z is P90; and the cost of production is Pl,200. There are 30 identical buyers and 50 identical sellers in the market for product X. A. Is product X a normal or an inferior product? Justify. B. How are product X and product Yrelated for the buyer? Explain. c. On the part of the seller, what kind product Z is? D. Using the market demand mction, what is PS that will make all the buyers stop purchasing this product? Round-up to two decimals. B. What is the interpretation of the parameter a of the market demand function? F. What is the interpretation of the parameter b of the market demand lnction? G. What is the interpretation of the parameter d of the market supply function? H. What is the market price of product X? Round-up to two decimals. 1. What is the equilibrium quantity in this market? J. What is the price range that will result to a surplus in the market? K. What is the price range that will result to a shortage in the market