Assume the following demand and supply equations: Q_d = 20 - 2P, and Q_s = -10 + 4P.

a) Calculate the slopes of the two curves (10 points)

b) Calculate the equilibrium price and equilibrium quantity

c) Graph the two curves (clearly label your axes and curves)

Suppose there is an increase in demand and the new demand function is Q_d = 50 - 2P.

e) What are some reasons that cause the demand curve to shift?

f) Calculate the new equilibrium price and new equilibrium quantity