PLEASE SEE LAST QUESTION AT THE BOTTOM WHICH IS WHAT I NEED HELP ON. AND ATTACHED PICTURE FOR DATASET.

THANK YOU!

1.Supply and demand equilibrium

a.By inspecting the graph, what is the equilibrium price and quantity of passengers traveling each day?

Your answer here:

Price: $400

Daily Passengers: 8000

b.Write the equation of the inverse demand curve in the form P = a + m*Qd

Your answer here:

(400-0)/(8-16)=(400-P)/(8-Q)

3200-400Q=-3200+8P

P=800-50Q

c.Write the equation of the inverse supply curve in the form P = a + m*Qs

Your answer here:

400-200)/(8-0)=(400-P)/(8-Q)

1600-200q=3200-8P

P=200+25Q

d.Compute the equilibrium quantity of passengers.Show the computation.

Your answer here:

P/25-8=16-P/50

2P-400=800-P

P=400

Q=8

e.Compute the equilibrium price.Show the computation.

Your answer here:

P= 800-50Q

1=-50dQ/dP

dQ/dP=-1/50

P=800-50(4)

P=600

E= (-1/50)*(600/4)

E = (-3)

2.Elasticity of supply and demand

a.Compute the elasticity of demand at Q = 4 (thousand). Show the computation.

P= 200+25Q

1=25dQ/dP

dQ/dP=1/25

P=200+25(10) = 450

E= (1/25)*(450/10) = 1.8

JFK-LAX Airline Traffic 900 800 700 600 500 Average Fare S 400 300 200 100 0 0 2 4 6 8 10 12 14 16 Daily Passengers (in thousands) -Demand Supply (Ctr