(supply and demand)joy’s frozen yogurt shops have enjoyed rapid growth in northeastern states in recent years. from the analysis of joy’s various outlets, it was found that the demand curve follows this pattern: qd = 200 – 300p + 120i + 65t – 250ac + 400ajwhere qd = number of cups served per week; p = average price paid for each cup; i = per capita income in the given market (in $1000s); t = average outdoor temperature; ac = competitor’s monthly advertising expenditures (in $1000s); aj = joy’s own monthly advertising expenditures (in $1000s).one of the outlets has the following conditions: p = 1.5, i = 10, t = 60, ac = 15, and aj = 10.a) estimate the number of cups served per week by this outlet. also determine the outlet’s demand curve both algebraically and graphically. b) what would be the effect of a $5000 increase in the competitor’s advertising expenditure? illustrate the effect on the outlet’s demand curve, algebraically and graphically. c) what would joy’s advertising expenditure have to be to counteract this effect? 2.(demand elasticity,)the demand curve for product a is given as q = 2000 – 20p. a)write equations for total revenue (tr) and marginal revenue (mr) in terms of q. b)what will be the tr at p = $70? what will be the mr at that price? c)what is the point elasticity at p = $70? based on this estimation of the price elasticity, would you recommend using a price cut for increasing tr? d)if price were to decline to $60, what would be tr and mr then? e)at what price would elasticity be unitary? 3.(supply and demand)joy’s frozen yogurt shops have enjoyed rapid growth in northeastern states in recent years. from the analysis of joy’s various outlets, it was found that the demand curve follows this pattern: qd = 200 – 300p + 120i + 65t – 250ac + 400ajwhere qd = number of cups served per week; p = average price paid for each cup; i = per capita income in the given market (in $1000s); t = average outdoor temperature; ac = competitor’s monthly advertising expenditures (in $1000s); aj = joy’s own monthly advertising expenditures (in $1000s).one of the outlets has the following conditions: p = 1.5, i = 10, t = 60, ac = 15, and aj = 10.a)estimate the number of cups served per week by this outlet. also determine the outlet’s demand curve both algebraically and graphically. b)what would be the effect of a $5000 increase in the competitor’s advertising expenditure? illustrate the effect on the outlet’s demand curve, algebraically and graphically. c)what would joy’s advertising expenditure have to be to counteract this effect?