Question 2: Compare and contrast the income elasticity of demand for No Name Bread (ny InNo Name) and the income elasticity of demand for Organic Bread (ny Organic ""). Which product's income elasticity of demand is higher? Explain using 1-2 sentences. Question 3: Suppose the market for cell phones can be represented by the following demand and supply equations: Q = 4000 - - P Q = =P - 200 a) Find the free market 1) equilibrium price, 2) equilibrium quantity, 3) consumer surplus, 4) producer surplus, and 5) total surplus. b) Now suppose the government intervenes in the market by adding a price ceiling of $800. Calculate the new 1) consumer surplus, 2) producer surplus, and 3) total surplus