Question 1 (24 points) Consider the market for cannabis in Quebec province, where the equilibrium price of cannabis is $8 per gram and the equilibrium quantity is 50 grams per period. Empirical studies report that the demand and supply functions are linear, the price elasticity of market demand is -0.8 and the price elasticity of supply is +1. %AQs _ $1 - - - %AP dp Qs , where Qs IS the quantity supplied. The general form of a linear function is Y = a + bX, where a and b are constant.) (Hint: the price elasticity ofsupply is 115 = 1.1) (10 points) Derive the direct demand function (QD = f(P)) and the direct supply fmetion (Qs = f(P)) by using the information above. 0 The direct demand function: o The direct supply function