5. Suppose the demand and supply curves for a prod- uct are given by QD = 500 - 2P Qs = -100 + 3P a. Graph the supply and demand curves. b. Find the equilibrium price and quantity. c. If the current price of the product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situ- ation, and what would you expect to happen in this market? d. If the current price of the product is $150, what is the quantity supplied and the quantity demanded? How would you describe this situ- ation, and what would you expect to happen in this market? e. Suppose that demand changes to QD = 600 - 2P. Find the new equilibrium price and quantity, and show this on your graph