b) Given the following demand and supply functions as;    Qd = 500-3p Gs = -100+5p i)Find the price elasticity of demand and price elasticity of supply at the equilibrium point.  ii)Based on the values obtained from Price elasticity of supply in (i) above, what advice would you give to the producer if he is to increase revenue?  iv)Using illustrations, distinguish between Minimum and maximum price   v)Assuming the government, set the price at 45shs, determine whether its minimum or maximum price, and state the surplus or deficit

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