b. Find the equilibrium price and quantity. c. If the current price of the product is $20, what is the quantity supplied and the quantity demanded? How would you describe the situation, and what would you expect to happen in the market? d. If the current price of the product is $40, what is the quantity supplied and the quantity demanded? How would you describe the situation, and what would you expect to happen in the market? e. Suppose the demand changes to Q- 300 - 5P. Find the new equilibrium price and quantity, and show this in your graph. 3. Graph the representative supply and demand curves for muffins market, labeling the current equilibrium price and quantity. Then show the impact on equilibrium price and quantity of each of the following changes (consider each case separately): a. The price of bagels increases, assume that bagels and muffins are close substitutes for breakfast. b. The price of flour, an input of muffins falls. c. Consumers expect that price of muffins will be higher in future. d. There is a technological change that makes muffins' production less expensive. e. New medical reports show that eating breakfast is less important than had previously been thought