(Solved): 2. Robinson and Friday enjoy eating coconuts. Robinson's demand for coconuts is P = 12 - Q, and F ...

2. Robinson and Friday enjoy eating coconuts. Robinson's demand for coconuts is P = 12 - Q, and Friday's demand is 4Q P = 12- 3 where P is price and Q is quantity. The supply of coconuts is Q = P. a. Derive the market demand curve. [5 points] b. Derive the equilibrium price and quantity. [5 points] c. Draw an accurate supply and demand graph and label the equilibrium. [5 points] d. Calculate the price elasticity of demand using the mid-point method when the price increases 5% from its equilibrium. [5 points] e. Calculate the price elasticity of supply using the mid-point method when the quantity increases 5% from its equilibrium. [5 points]