3. The following represents demand for widgets [a fictional product): QD = 15,299 230P + 0.01M 1.5PR where P is the price of widgets, M is income, and PR is the price of a related (fictional) good, the wodget. Supply of widgets is determined by Q5 = 165P 3,199 a. Determine whether widgets are a normal or inferior good, and whether widgets and wodgets are substitutes or complements. b. Assume that M = $55,000 and P3 = $55. Solve algebraically to determine the equilibrium price and quantity of widgets. c. Generate a supplyfdemand graph in Excel. Be sure that P is the 1vertical axis and Q the horizontal. Does the graphical equilibrium correspond to your algebraic equilibrium