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May you kindly assist with the following question Given the following linear supply and demand equations in standard form, Supply: 10P - 80 = 50

May you kindly assist with the following question
Given the following linear supply and demand equations in standard form, Supply: 10P - 80 = 50 Demand: 20P - 8Q = 700 a) Find the equilibrium price and quantity in the market. 6 b) Sketch the graph of the demand and supply functions. (4) c) Find the point elasticity of demand at equilibrium price and quantity calculated in (a) and comment d) Find the inverse supply and demand functions. e) Assuming the government introduces a specific tax of R10, find the new equilibrium price and quantity in the market. (0)

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