1. The demand for sunglasses is given by equation Qd = 1000- 4P, where P denotes the market price. The supply of sunglasses is given by the equation Qs = 100 + 6P. a. Algebraically, solve for the equilibrium price and quantity. b. Graph the supply and demand equations on the same set of axes, giving exact numbers for the x and y-intercepts as well as the equilibrium price and quantity. c. Is there a shortage or a surplus if the price is $30? How large is the shortage or surplus? This year's summer is expected to be very sunny. Hence, the demand for sunglasses increased and now is given by the equation Qd = 1200 - 4P. d. Graph the new demand curve on the same axes that you used for part b. e. What are the new equilibrium price and quantity? How do these compare with the scenario in part a