1. Given the following equations representing the behavior of producers and consumers:

Consumers: Qd: Quantity demanded = 1,200-6P

Producers: Qs: Quantity supplied =54P, (P: Price)

Price Quantity Demanded (Qd) (Not listed) Quantity Supplied (Qs) (Not listed)

30

28

26

24

22

20

18

16

a. Graph and label Demand and Supply. must be in scale

b. What price corresponds to the equilibrium price for this market? What is the

equilibrium quantity? (show your calculation), must show them clearly in your

graph.

c. What will happen if the price is set at $26? Please specify the distance and term, also show it on the graph

d. What will happen if the price is set at $18? Please specify the distance term, alsoshow it on the graph