Question 16 (4 points) Suppose that the demand and supply functions for good x are given as follows: Of - 240 -2P, + 1 - P, and Q$ = -30+ P -2t+s -2f where P. denotes the price of good x, P, denotes the price of a related product y, I denotes income, t denotes tax firms face, 's denotes subsidy and f denotes factor prices. Suppose also that exogenous variables are given as follows: Income (I) - 450, Price of the related product (P, ) = 30, tax (t) -24, subsidy (s)-15 and factor prices (f)-36. What is the value of the price elasticity of supply at the equilibrium (round up to two digits)? 2.04 2.23 1.16 2.17