There are three types of passengers (managers, teachers, and engineers) and two taxi companies in Regina (Regina cabs and Capital cabs ), these 3 types of passengers have different demands for the taxi service. manager demand is =q-5p, teacher demand is q=6-2p, and engineer is q=4-p.

market supply equation is q=11p

a) find the market demand equation, and graph the inverse demand curve. (hint: manager enters the market at prices below 5, teachers below 3, engineers below 4

b) find the equilibrium price and quantity ( hint: equilibrium price is below $3)

c) find the price elasticity of demand at market equilibrium