QUESTION 2 The following relations describe monthly demand and supply for IT products in small business: Qd = 1,500 -5 P Qs = -500 + 5 P Where Q is the quantity of IT products and P is product price, in dollars a. Find the equilibrium price/output level [1 mark] b. Calculate point elasticity of demand for this demand function. Is it elastic, inelastic or unitary elastic? [2 marks] c. Calculate the Total Revenue at the equilibrium price [1 mark] [Total Q2 = 4 marks]