The market supply curve of plastic gloves is given by Qs=350,000+10,000P. The demand for plastic gloves can be segmented into two components. The first component is the demand for plastics gloves by domestic buyers. This demand is given by qa=270,000-2,500P. The second component is the demand for gloves by foreign buyers. This demand is given by qB=350,000-20,000P. (a) Derive the total market demand function for gloves. Find the equilibrium market price and quantity. (b) At the equilibrium price, what is the price elasticity of demand? (c) Determine the consumer surplus for each of the component. (d) Suppose that the government guaranteed gloves manufacturer a price of $10.00 for each glove. How many plastic gloves would the government has to buy in order to ensure that all the plastic gloves produced were sold and how much would this cost the government?

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