3. The following represents demand for widgets (a ctional product): QD = 10,054 26F + 0.01M + 1.5PR where P is the price of widgets, M is income, and PR is the price of a related (ctional) good, the m1. Supply of widgets is determined by Q3 = 60F 1,000 a. Determine whether widgets are a normal or inferior good, and whether widgets and Marc substitutes or complements. b. Assume that M = $56,000 and Pa = $112. Solve algebraically to determine the equilibrium price and quantity of widgets. c. Generate a supplyldemand graph in Excel. Be sure that P is the vertical axis and Q the horizontal. Does the graphical equilibrium correspond to your algebraic equilibrium? d. Now aSSume two events occur: income changes Such that M = $58,000 and supply conditions change such that Qs = SSP 700. Solve algebraically for the new equilibrium price and quantity of widgets after these two changes