Suppose that the demand functions for tickets for three cinema operators in the entire market are represented as follows: First operator: P = 35 - 0.5Q A Second operator: P = 50 - 0.25QB Third operator: P = 40 - 2.0Q C The market supply equation is given by Q5 = 40 + 3.5P Where P = price in $; Q = quantity of tickets bought/sold a) Determine the market equilibrium price and quantity of tickets b) Determine the (market) point price elasticity of demand for tickets at P = $28 The following table gives the demand schedules for two related goods. Commodity X Commodity Y Price Quantity demanded Price Quantity demanded From the information, calculate the cross elasticity of demand for commodity X given the price of commodity Y. With a valid reason, identify the nature of the two goods (3 Marks) In a certain region the price of butter increased from kshs 200 to kshs 250 per kilogram. As a result the quantity demanded of margarine increased from 1500 to 1600 kilograms. Compute the arc cross price elasticity of demand and interpret it. Suppose that a coffee producing firm estimated the following regression of demand for its brand of coffee: QC 2300.0 2.0PC +3.6Y+4.0Pb 1.2P5 + 2.4A Where QC = Sales of coffee brand C, in dollars per pound PC = price of coffee brand C in dollars per pound Y=personal disposable income, in millions of dollars per year