Please provide detailed solution, with step by step. Preferentially done on a pa

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Please provide detailed solution, with step by step. Preferentially done on a paper and scanned

(i) If you rotate a demand (or supply) function around a point, making it steeper at that point, are you increasing or decreasing the elastic ity of the function? (Price is on the vertical axis and quantity on the horizontal axis) (ii) The approximation of consumer tax incidence (expressed as a percent) is theta/theta+n 100.,where theta is the elasticity of supply and n is the elasticity of demand evaluated at the no-tax equilibrium. What happens to the producer (or consumer) tax incidence as the elasticity of supply (or demand) increases? (iii) Use a graphical example to illustrate your answer to part (ii).]

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