2. Now consider the demand for dental visits in Mateo's city. Mateo by himself took price as given in the first question because he cannot inuence price by himself. With market demand, changes in the quantity demanded change price and vice versa. (17 points total) a. b. r-bsv Market demand can be represented by the following equation: QD = 6,000 60PD. Market supply can be represented by the following equation: Qs = 400 + 20Ps. Graph the supply and demand functions with price (P) on the yaxis and quantity (Q) on the xaxis. Show and label the intercepts. (3 points) Find the equilibrium price and quantity without dental insurance. Label this point on the graph. (3 points) Now suppose all individuals in the market have dental insurance with a coinsurance rate of 20%. Show the demand curve with the price distortion from dental insurance. (2 points) Find the new the equilibrium price and quantity, with dental insurance. (3 points) Calculate the deadweight loss. Shade and label the deadweight loss in a graph. (4 points) What would happen to the social/welfare/deadweight loss if the demand curve were more elastic? Explain your answer. (2 points)