A local agribusiness enterprise has employed a consultant to estimate its supply curve for a new hybrid corn seed and to estimate the demand faced for this seed in its local marketplace. The consultant has determined the following: Demand: Q = 600 P Supply: Q = 150 + 10 P Quantity is in 10 pound bags and Price is in Dollars. Questions: 1. Given the two estimates, solve for the market equilibrium price and quantity. (2 Points) 600P=150+ 10P 450=11P 40.9U=P Q= 150+ 10(40.90) Q=559 Market equilibrium price = 40.90 Market equilibrium quantity = 559 2. Plot the supply and demand curve on the same graph, use price increments of $5 and go from $0 to $50. The quantity axis needs to go to 1,000 units of the product. Is the market equilibrium the same on your graph as you calculated in question 1? (2 Points) 3. What happens to sales if the company decides they want to set their price for their product at $40 per 10 pound bag. (2 points) Show graphically or be very specic