There are 40 people living in a neighborhood each having preference over apples and shirts represented by U(a,b)=a1/3s2/3, where a and s are amount of avocados In pounds and shirt consumed, respectively. The price of a shirt is $10. Each citizen has $300 income. Avocados are supplied to the neighborhood by a farmer, whose supply function is S( pa) =1000pa. Part a What is the equilibrium price of avocados? How many pounds of avocados does each villager consume? Part b What is the aggregate net consumer surplus at the equilibrium? Part c What is the price elasticity of demand at the equilibrium? Part d Suppose 50 more people move in to the neighborhood. What is the equilibrium price now? Part el Are consumers better or worse off now? Why? If a consumer is worse off, by how much additional income he/she needs to be compensated in order to be as well off as in Part a