1. (8 Points) Suppose that market supply and market demand for TVs are given by the following equations: PS = 500 + 1206) PD = 4500 28062 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 curves, illustrate the effects of the following shocks on the equilibrium price and quantity of TVs. Explain your answer both graphically and in words. i. (2 Points) A decrease in the price of cable TV. ii. (2 Points) The development of alternative sources of rare earth materials that are used in the production of TV screens