1. Assume that the equation for demand for bread at a small bakery is Qd = 60 - 10pb + 3Y, where Q is the quantity of bread demanded in loaves and Y is the average income in the town in thousands of dollars. a. Assume the average income in the town is 10, write out and simplify the equation for Qd in terms of po. b. Draw a graph of the demand curve with Q on the horizontal axis and Po on the vertical axis. Label the curve DD. c. Assume also that the equation for supply of bread is Qs = 30 + 20Pb - 30PS, where Q is the quantity supplied and PJ is the price of flour in dollars per pound. Assume finally that markets clear, so that Qd = Qs. If Y is 10 and PJ is $1, solve mathematically for equilibrium Q and Pb. d. If the average income in the town increases to 15, solve for the new equilibrium Q and pb