Q1: Assume a market of a specific good. The demand and supply equation are as shown below: 1. Find the equilibrium price 2. Find the equilibrium quantity 3. Find the demand price elasticities at the equilibrium 4. Find the supply price elasticities at the equilibrium Q2: Let say that there is an advancement in technology that causes the input cost of the good to decrease. This cause the supply curve to shift rightwards by 2 units. 1. Find the new equilibrium price 2. Find the new equilibrium quantity 3. Find the new demand price elasticities at the equilibrium 4. Find the new supply price elasticities at the equilibrium Q3: The current global crude oil market has a price of $80/bbl and consumption of 100 Mbbl/day. Supply price elasticities has been found to be 0.5, while demand price elasticities is at -0.3. 1. If KSA decides to increase its export by 2 Mbbl/day, what would be the new market equilibrium? 2. If KSA decides to cut its production from 10 Mbbl/day to 8 Mbbl/day, what would be the new market equilibrium? If there is an increase in income that researchers expect to increase the quantity of consumption to 105 Mbbl/day, what would be the new market price? Q4: A market for gasoline in country B has always been an open and unregulated market. The government is planning to implement a subsidy to consumers to help the economy. Currently, the market equilibrium is at the price of $3.00/gallon and the gasoline consumption is 3 million gallons/month. The price elasticities of demand are -0.2 and the price elasticities of supply is 0.8. If the price after the implementation of subsidy is $2.70/gallon, find the new equilibrium quantity of gasoline consumed