EC 201 Intermediate Micro Demand and supply problems Suppose the supply of lemonade is Qs = 40P where Qs: quantity supplied, P: price per unit a. If the demand for lemonade is Qd = 5,000 - 10P (where Qd: quantity demanded), what are the current equilibrium price and quantity? b. Suppose a severe frost occurs in Florida which impacts the market for lemons. What should happen to the lemon market's price and quantity? c. If producers react to (b) above by reducing the quantity supplied of lemonade by 400 units at every price, what is the new equation for the supply of lemons? d. After the frost events given in (c), determine the new equilibrium price and quantity