l. (15 marks) In the town of Yeehaw, there are two kinds of ranchers, those that raise beef cattle (c), and those that raise bison (b). Every cattle rancher has a demand function for hay Dc(p) = 20 -Sp for p54 and Dc(p) = 0 ifp> 4. Every bison rancher has a demand function for hay DB(p) = 15 -3p for p<_: and dd if p> 5. Suppose that Yeehaw has only 150 consumers of hay, 100 beef cattle ranchers, and 50 bison ranchers. a. If the price is $3, what is the total amount demanded by each individual cattle rancher? What about by each individual bison rancher? (4 marks) b. What is the total amount of hay demanded by all cattle ranchers? What about by all bison ranchers? What is the total amount of hay demanded in the town of Yeehaw? (3 marks) c. Draw a graph that clearly depicts the demand curves for cattle ranchers, bison ranchers, and the market demand for the whole town. Are there any kinks in the curve? (4 marks) d. What is the arc price elasticity for the market demand of hay if the price rises from $1.00 to $1.10? (2 marks) e. What is the point elasticity for bison ranchers\" demand for hay when the price is $4.50? (2 marks)