The supply function of a certain commodity is Q = a + b P2 + W1/2, where P is price and W is weather-related conditions affecting the supply. Assume…

The supply function of a certain commodity is

Q = a + b P2 + W1/2, where P is price and W is weather-related conditions affecting the supply. Assume that a<0 and b >0.

Find the price elasticity of supply (εQP) and the weather elasticity of supply (εQW) . Explain intuitively what those elasticities mean. (4 points)