The market for a particular product is characterized by the following demand and supply functions. Qd = 25-4P +0.2p Qs = 5+2P-0.01P (a) Use EXCEL to plot both functions in one graph for P=0 to 50. Provide relevant information for your graph. [2 marks] (b) Over what range of P do these functions represent logical patterns of behavior? Explain. [2 marks] (c) Find the market equilibrium price and quantity. Comment on your results. [2 marks] (d) Consider the $6 price. What is the percentage change in the quantity demanded if the price rises by 5%? [2 marks] (e) The average elasticity of demand is defined as the percentage change in quantity divided by the percentage change in price. Calculate the average elasticity over the interval [6, 6.30] using the percent in part (d) and interpret it. [3 marks] (f) Find the elasticity for a price of $6 and compare the result to that in part (e). Comment on your results [3 marks] (g) Given that total revenue (TR) is defined as the quantity demanded multiplied by the price per unit, derive the function such that : TR =f(p) and plot this over the range for P that represents logical patterns of behaviour. Explain your answer. [3 marks] (h) Find the values of Q and P that maximise the total revenue. Comment on your results [3 marks]