Exercise 1: Suppose there is a market demand function for good X as: = -2PX + 10Questions:Draw the market demand curve for good XEvaluate the demand elasticity for the price at various points of this demand curve having prices of P = 5; P = 4; P = 2,5; P = 1 và P = 0.Give some comments on relationship between the X'sprice and one's demand elasticity for the price demand elasticity for the price.2) Suppose there are market supply and demand functions of good X as: S + + + + The market supply function of X: Q = 4P - 2+ The market demand function of X: Q = -2P + 10Question:a. Define the equilibrium price and quantity of the marketb. Evaluate the market supply and demand elasticity at the equilibrium point