The following are the demand and supply functions for key soap Ghanaian economy produced by the Uniliver Ghana Ltd and made available by the research department of the company:

Q -70 = - P

Q -4P = - 40, Where P and Q are the price and quantity of the product respectively.

Use the above information to answer the questions that follow.

1. Which of the functions represents demand function and why?
2. Which of the functions represents supply function and why?
3. Determine the equilibrium price and quantity of key soap in the economy
4. As a manager of the company, calculate the extent (size) of shortage if a price ceiling of 15 cedis is imposed
5. What will be the size of the surplus on the market if a minimum price of 35 cedis is established
6. Find the new equilibrium price and quantity if sellers increase the supply by 45 units irrespective of price level due to subsidy
7. Compute the own price elasticity when price rises from 8 cedis to 12 cedis
8. What type of elasticity of demand is key soap and give one policy implication