$4.50 $5 $5.50 b- Suppose that a new firm, Producer # 4, enters the industry as indicated below. Find the new market supply and determine the new equilibrium price and quantity in the market. Draw the new curve and equilibrium on the same graph as above and label the equilibrium as E2 Price Producer 1 Producer 2 Producer 3 Producer 4 Market $3 20 $3.50 13 25 14 Supply 20 $4 15 27 16 18 22 $4.50 30 19 20 26 $5 35 25 30 $5.50 25 45 32 35 30 40 40 c- Starting with the result you have from question 2 (4 producers) suppose that consumers' tastes change such that the chart below indicates their new preferences. Complete the chart, find the new equilibrium (label as E3) and show it on the same graph above. Price Consumer 1 Consumer 2 Consumer 3 Market $3 40 25 Demand $3.50 35 30 $4 23 33 27 $4.50 21 30 26 $5 19 25 23 $5.50 17 20 22 16 20 d- Consider the following table Price $3 Market Demand $3.50 95 Market Supply 85 67 $4 78 $4.50 80 80 $5 72 105 $5.50 64 56 127 155