1. (10 Points] Suppose that market supply and market demand for TVs are given by the following equations: P3 : 250 + GOQ PD 2 2250 1406,? where P is the price of a TV in dollars, and Q is the quantity of TVs in millions. (a) (4 Points) Find the equilibrium price and quantity of TVs. (b) Using supply and demand curvesg illustrate the effects of the following shocks on the equilibrium price and quantity of TVs. Explain your answer both graphically and in words. i. (3 Points) An increase in the subscription price of TV services. ii. (3 Points) The development of alternative sources of rare earth materials that are used in the production of TV screens