2. Consider the market for I-pods. Suppose there is a rise in consumer's income (assuming that I-pods are normal goods) and at the same time the government gives $25,000 in subsidies to businesses in the I-pod industry to produce more I-pods. If the supply curve shifts more than the shift in the demand curve, then what will happen to equilibrium price and equilibrium quantity as a result of this scenario? Please use graphs and words to explain your answer. In answering this question, you must label and draw your initial demand and supply curves DI and S1, label Price on the Y-axis and Quantity on the X-axis, label and draw the new supply curve S2 and the new demand curve D2, label the initial equilibrium price and equilibrium quantity, Pl and Q1 and the new equilibrium price P2 and the equilibrium quantity Q2. Finally, provide a complete explanation of your graph