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Please help me solve this! Consider the market for taxis (cabs) in a city. The demand and supply for cabs are given in the number

Please help me solve this!

Consider the market for taxis (cabs) in a city. The demand and supply for cabs are given in the number of cars running on the streets. Cab drive are individual entrepreneurs, deciding about their entry and exit to and from the market individually (there are no big cab companies). Based of this information, please, answer the following questions. 1. In your opinion, can we say, that this market is perfectly competitive? Why? Why not? Justify your answer. (3 points) 2. Please, plot a demand and supply curve of the market. Indicate the equilibrium price and equilibrium quantity. (1 point) What do you think about the price elasticity of demand in this market? Is it elastic or inelastic? Why? (2 points)

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