Question 1 (15 marks) The quantity demanded {Qd) of a product is 100 units when the price is P = (l. The Qd drops by 10 units for every five {5] units increase in price. The quantity supplied (Qs) is minus 10 units (-10) when the price is P = 0. The Q5 increases by two {2] units for every unit increase in price. (a) (b) (C) (d) (E) (f) (s) (h) (i) (l) {kl 1Write down the equation of the demand function in the form of P = HQ)- [1 mark] 1Write down the equation of the supply function in the form of P = {(Q]. [1 mark] Plot the demand and supply curves in a graph (one graph, P on vertical axis and Q on the horizontal axis). [1 mark] Calculate the price elasticity of demand when P= 30 and P=20 and provide a explanation of your answers. [2 marks] If the price increases by 10% calculate the percentage change in the quantity demanded at P= 3i} and P=20. [1 mark] . . . ercentage change in quantity demanded daa] 1'}? '1 percentage change in price M015] May be rearranged as: AQ(%) = dP(%) >