Consider the market for taxis (cabs) in a city. The demand and supply for cabs are given in the number of cars running on the streets. Cab drivers are individual entrepreneurs, deciding about their entry and exit to and from the market individually (there are no big cab companies). Based on this information, please, answer the following questions. Please, plot a demand and supply curve of the market. Indicate the equilibrium price and equilibrium quantity. (1 point) What do you think about the price elasticity of demand in this market? Is it elastic or inelastic? Why? (2 points)