11) Bill and Charles are the only people in the neighborhood that collect stamps. Bill's demand for stamps is given as: P = 3 - =Q and Charles' demand is given as: P = 3 - Q. The only store in the neighborhood that sells stamps has the supply P = 1 + =Q. Assume that Bill and Charles are the only customers of this store, and Bill, Charles and the store form the entire market. What is the equilibrium price and quantity in this market? 31.80 900 52:00 32.50 200 160 $8.00 800 200 53.50 500 12) Consider the market for apple juice. In this market, the demand curve for apple juice is given by: QD = 51 - 15P + 10P, where P is the price of apple juice, I is the average income or consumers, and Pr is the price of tea. The supply curve for apple juice is given by: Qs = 10P - 5PA where PAis the price of apple, an input in the production of apple juice. $5:30 what is the equity a. Suppose the average income is I = $18, the price of tea is Pr = $5, and the price of apple is PA =$2, what is the equilibrium price and quantity in the apple juice market? b. Just by looking at demand curve, is apple juice a normal good or an inferior good? Briefly explain your answer. c. Just by looking at demand curve, what is the relationship between apple juice and tea? Briefly explain your