The market demand and supply equations for oranges are respectively given by Qd = -2p +100 and Qs = p-11.

a)What is the minimum price at which any firm in this market will be willing to produce?

b)Find the equilibrium market price and demand.

c)What is the consumer surplus when the market is in equilibrium?

d)Suppose the government intervenes in this market by imposing a $5 above the equilibrium price (i.e. the government adds $5 dollars on the equilibrium price), how much must the government be prepared to spend in order to maintain the new price$

e)What is the price elasticity of demand given the equilibrium market outcomes and the government set priceand new quantity demanded at the set price?