2. Markets and Elasticities: Suppose the market for printer paper($ price per a 500-page package or ream)can be characterized by the following demand and supply relationships:DEMAND: =40−SUPPLY:=5+16. a) Graph the market demand and market supply curves on the axes found on the next page. Label demand D1 and supply S, and mark the equilibrium point with the letter E. b) What are the equilibrium price and quantity at point E?[HINT: Keep both equations in current form. In equilibrium, demand and supply intersect at a common price, so you can set 40−=5+16and solve for equilibrium Q. Then plug that value into either equation to get the equilibrium price. PriceQuantity
c) Suppose the world faces a global pandemic, driving people, workers, and students to move most of their activities online. Assume no disruption in the production and supply of paper. How will this development affect the market demand for paper?(Your answershould describe the impact in terms adjustments to market demand: a shift and the direction of that shift.)
d) Which of the demand “drivers” has triggered the shift in the demand for paper you described in part c)?
e) What will happen to the equilibrium price and quantity as a result of your answer in part c)?
f) Suppose the new market price for paper is now $8 per package. The following table shows the relationship between the price of paper and the quantity demanded of laser printers?Price of Paper Quantity Demanded of Printers Initial equilibrium for paper market $10160 New equilibrium for paper market$8200
g) Without doing any calculations, determine whether paper and printers are substitutes or complements. Explain your reasoning.
h) What is the cross-price elasticity of printers with respect to paper? Use the midpoint formula. i)If the price of paper fell by 10% during the pandemic, what will be the resulting percentage change in the demand.

It's related to Econ
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