A new chemical cleaning solution RidDirt is introduced to the market. Initially,

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A new chemical cleaning solution RidDirt is introduced to the market. Initially, Demand is QD = 800 - 2P and Supply is Qs = -100 + P. What is the equilibrium, E (Q, P)? What is the price elasticity of demand at E? What is the price elasticity of supply at E? The more complete demand equation is given by QD = 100 -2 P + P (w) + 0.1Y Where Y is income: Y = 5000, and P (w) is the price of a product called "Works": P (w) = 200. What is the Income elasticity of demand at E? What is the Cross-Price elasticity of demand at E? Are "RidDirt" and "Works" substitutes or complements? The government now decides that no more than 150 units of the product "RidDirt" should be sold per period; and imposes a quota at 150 units. How does this quota affect the equilibrium price and quantity? Show the solution using a graph and calculate the quantity and price of units purchased/sold. (there is no change in Y or P (w).) What is the price elasticity of demand at the new equilibrium?

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asking 4 questions in a single post is against rules ple repost the questions by breaking in multiple posts thanks

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