You are given market data for the pizza market that says when the demand function for pizza is defined as Qd = 140 - 15P and the supply function is Qs = 40 + 5P. a. Calculate the equilibrium condition existing within this market and illustrate the curves. [8 marks] b. Consider an additional pizza vendor entering into the market with a supply function Qs2= 10 + 5P, identify the new market supply function, and illustrate the new market equilibrium condition for pizzas. [6 marks] c. Consider the government imposes a price ceiling within this pizza market of $2.50, identify and illustrate the condition existing in the market and discuss the effectiveness of this price regulation. [8 marks] d. Market vendors observed that with a change in the price of a pizza to the new price ceiling, total revenues have been affected, calculate the Price elasticity of demand for pizza and identify the impact on total revenues for pizza vendors. [6 marks]