Q. The following demand function is given for the market of Salmon Fish in a particular region at a given time period. Q" Salmon - 100+I - 5P Salmon + POther Where, Q" is the quantity of Salmon demanded in thousand kg per week. (kg = Kilogram) P Salmon is the price of Salmon in $/ kg P Other is the price of other kind of fish in $/kg I is the average consumer income in thousand $ Given that P other = $10 per kg and I = $40 (use it as $40 in the function and not as $40,000) . 2 marks. What is the Demand Function for Salmon? 2. 2 marks. What is the inverse Demand Function for Salmon in the market? 3. 2 marks. What is the Quantity of Salmon demanded when price of Salmon is $20 per kg? 4. 2 marks. If the average consumer income increases by 25%, from $40 thousand to $50 thousand, what will be the quantity demanded when price of Salmon is $20 per kg, other things being constant? 5. 2 marks. If instead of an increase in the average income of consumers, the price of other fish increases by 50%, from $10 to $15 per kg, what will be the quantity of Salmon demanded when the price of Salmon is $20 per kg, other things being constant? 6. 5 marks. If the producers of this market have a supply curve of Q's salmon- 5P - 30 With the original demand function of Q salmon - 100+I - SP salmon +POther and given the original price of other fish, P other = $10 / kg and average income level I = $40 thousand, what will be the equilibrium price and equilibrium quantity for this market of Salmon Fish? 7. 5 marks. What are the consumer surplus and producer surplus in the market? 8. 10 marks. Suppose, the local conservation authority likes to impose a Quota of 50 thousand kg per week for supply to this market. a. 2 marks. What will be price of Salmon sold in this market? 8 marks. what will be the change in: 4 marks. Total Revenue generated in this market ii 4 marks. Consumer Surplus and Producer Surplus