Please help me with the solution

1 . In 2010, Americans smoked 315 billion cigarettes, or 15.75 billion packs. The average retail price was about $5.00 per pack. Statistical studies have shown that the own-price elasticity of demand is -0.4 , and the own-price elasticity of supply is 0.5. a. Using this information, derive linear demand and supply curves for the U.S. cigarette market. b. In 1998, Americans smoked 23.5 billion packs of cigarettes, and the retail price was about $2.00 per pack. Suppose the entire decline in cigarettes consumption (from 1998 to 2010) was due to the increase in the price of a pack of cigarettes. What could we deduce from that information about the price elasticity of demand? 2. The table below shows the retail price and sales for instant coffee and for roasted coffee for two years. Use only these data to perform the following: a. Estimate the short-run own-price elasticity of demand for roasted coffee. Derive a linear demand curve for roasted coffee. b. Now estimate the short-run own-price elasticity of demand for instant coffee. Derive a linear demand curve for instant coffee. C. Compare your answers to (a) and (b). Which type of coffee has the higher own-price elasticity (is more elastic)? Explain your results with reference to those factors that drive demand elasticity values. Retail Price Sales of Retail Price Sales of of Instant Instant of Roasted Roasted Year ( $ / 1b. ) [ lbs. ) ($ / 1b. ) ( lbs. ] 1 $10.35 75 m. $4.11 820 m. 2 $10.48 70 m. $3.76 850 m