Solve the following attached questions.

Question 1 There are 10,000 identical individuals in the market for commodity X, each with a demand function given by Qodx = 12 - 2Px, and 1000 identical producers of commodity X, each with a function given by Qsx = 20 Px. where Qox is an individual's quantity demanded, Qsx is a single producer's quantity supplied, and Px is the price of the commodity. (a) Find the market demand function (QDx) and the market supply function (QSx) for commodity X (b) Determine the market demand schedule and the market supply schedule of commodity X (for whole dollar prices) and from them find the equilibrium price and the equilibrium quantity. (c) Plot, on one set of axes, the market demand curve and the market supply curve for commodity X and show the equilibrium point (d) Obtain the equilibrium price and the equilibrium quantity mathematically. (e) Explain why the equilibrium condition is considered stable. (f) Determine the elasticity of demand for commodity X at the equilibrium point. Question 2 Suppose that from the condition of equilibrium in Question 1, there is an increase in consumers' incomes (ceteris paribus) so that a new market demand curve is given by QDx = 140,000 - 20,000Px. (a) Derive the new market demand schedule (b) Show the new market demand curve on the graph used in Question 1(c) (c) State the new equilibrium price and equilibrium quantity for commodity X (d) Determine the Income Elasticity at the original equilibrium price and at the new equilibrium price. (Assume that the increase in income is 106). (e) In the light of your answer to 2 (d), comment on the nature of commodity X.J |_ 8. Suppose that the demand for low-skilled labour, Q1}, and the supply of low-skilled labour, Qs, are represented by the following equations, where W is the wage rate: 9121:1004\"? Qs=50+4W A) Find the equilibrium wage. B) Find the equilibrium quantity of labour. C) What happens if the government imposes a minimum wage of $6? Does this minimum wage create a sniplus, or shortage, or neither? D) What happens if the minimum wage is 54? Does this minimum wage create a surplus or shortage, or neither? E) Does a binding minimum wage lead to a more efficient market equilibrium? Whyfwhy not? F) Illustrate the information from Parts AE on a graph. Other receipts for the couple were as follows: Dividends (all qualified dividends) $2.500 Interest income: Union Bank $ 220 State of Idaho-interest on tax refund 22 City of Boise school bonds 1.250 Interest from U.S. savings bonds 410 (not used for educational purposes) 2017 federal income tax refund received in 2018 2,007 2017 state income tax refund received in 2018 218 Idaho lottery winnings 1.100 Casino slot machine winnings 2,250 Gambling losses at casino 6.500 Other information that the Reyeses provided for the 2018 tax year. Mortgage interest on personal residence $11.081 Loan interest on fully equipped motor home 3.010 Doctor's fee for a face-lift for Mrs. Reyes 8.800 Dentist's fee for a new dental bridge for Mr. Reyes 3,500 Vitamins for the entire family 1 10 Real estate property taxes paid $ 5,025 DMV fees on motor home (tax portion) 1.044 DMV fees on family autos (tax portion) 436 Doctors' bills for grandmother 2,960 Nursing home for grandmother 10,200 Wheelchair for grandmother 1.030 Property taxes on boat 134 Interest on personal credit card 550 Interest on loan to buy public school district bonds 270 Cash contributions to church (all the contributions 6.100 were in cash and none more than $250 at any one time) Cash contribution to man at bottom of freeway off-ramp 25 Contribution of furniture to Goodwill-cost basis 4,000 Contribution of same furniture to listed above Goodwill-fair market value 410 Tax return preparation fee for 2017 taxes 625 Required Prepare a Form 1040 and appropriate schedules, Schedule A, and Schedule B for the comple- tion of the Reyes's tax return. They do not want to contribute to the presidential election cam- paign and do not want anyone to be a third-party designee. For any missing information, make reasonable assumptions. They had qualifying health coverage at all times during the year