1. (20)Suppose the demand and supply curves for Red Brick Ale are as follows: Qd = 140 - 12P where: Qd:quantity demanded Qs = 8P Qs: quantity supplied, P:price a. Determine the equilibrium price and quantity 140- 120= 8P Qd= 140- 12(7) QS = 81 140 - 20p 140 - 84 Q S = 5 ed = 56 = P 10 7#p b. If the price is set at a price = $10, what results in this market? Provide a numerical answer and a description to describe the result. $10 Ed= /0 AQd / Ap If the price is set a 10= P $ 10 The demand and s Qd = 8o will change. It's inel Q5= SO 20 P 1