juat need #4

If the demand for wine is given by the demand function Qd=202p+10pr+0.02Y where p is the price of the good itself, pr is the price of a related good, and Y is the average income level of houscholds that purchase the good. The supply for wine is given by Qx=3p2pr, where pc is the cost of an input used by the firm. Show how the equilibrium quantity of wine varies with pr.Y and pc. (45 points) Problem 4 Using the supply and demand equations for wine above, additionally, suppose that the average price level of the related good, income, and production cost are given by pr=$3,Y=$1,000,andpc=$10 (a) Find the equilibrium p and Q at the given price level of the related good, income, and production cost. (b) Find the price elasticity of demand and price elasticity of supply at the equilsbrium. Which is more price elastic, the demand or the supply? (c) Find the income elasticity of demand of our good at the equilibrium. What can we say about our good? (d) Find the cross-price elasticity of demand of our good at the equilibrium. What can we say about the relationship between the related product and our good? (e) Suppose a $5 tax is imposed on the consumers (i.e., the consumers are required to pay the tax). 1. What is the price that the consumers will now pay in the market (pc) ? 2. What is the price that the suppliers will now receive in the market (p2) ? 3. What is the consamer's tax incidence? 4. What is the tax revenue and deadweight loss? If the demand for wine is given by the demand function Qd=202p+10pr+0.02Y where p is the price of the good itself, pr is the price of a related good, and Y is the average income level of houscholds that purchase the good. The supply for wine is given by Qx=3p2pr, where pc is the cost of an input used by the firm. Show how the equilibrium quantity of wine varies with pr.Y and pc. (45 points) Problem 4 Using the supply and demand equations for wine above, additionally, suppose that the average price level of the related good, income, and production cost are given by pr=$3,Y=$1,000,andpc=$10 (a) Find the equilibrium p and Q at the given price level of the related good, income, and production cost. (b) Find the price elasticity of demand and price elasticity of supply at the equilsbrium. Which is more price elastic, the demand or the supply? (c) Find the income elasticity of demand of our good at the equilibrium. What can we say about our good? (d) Find the cross-price elasticity of demand of our good at the equilibrium. What can we say about the relationship between the related product and our good? (e) Suppose a $5 tax is imposed on the consumers (i.e., the consumers are required to pay the tax). 1. What is the price that the consumers will now pay in the market (pc) ? 2. What is the price that the suppliers will now receive in the market (p2) ? 3. What is the consamer's tax incidence? 4. What is the tax revenue and deadweight loss