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Assume you have the following information for the global market for some agricultural commodity, X. For each scenario, use demand and supply analysis to provide a likely explanation for the change in market equilibrium. The prices are per bushel and the quantities are millions of bushels Scenario August 2015 August 2016 P * $145 0 . = 305 P.=$145 0 =374 P* =$145 0 * # 305 P = $106 0* =219 a. The demand curve and the supply curve IncI the demand is given by the equation Q" = 69-2P and the supply is given by Q - 8 + 3P, then the equilibrium price is $ (Round your answer to the nearest cont.) Price QuantityConsider the figure on the right. When the price is equal to its equilibrium value, the quantity bought and sold is 10 O A. any quantity demanded above equilibrium. O B, the quantity at equilibrium. O C. different for consumers than for producers. O D. any quantity demanded below equilibrium. Price O E. unknown because the market is in equilibrium. D 10 QuantityThe graph below shows different supply curves. 147 13 S S Dollars per unit B 7- 50 100 150 200 250 300 Quantity of energy-efficient light bulbs (thousands) A shift of the supply curve from S to S, could be caused by A. a decrease in the price of glass, a major input in the production of energy-efficient light bulbs. O B. an increase in the price of energy-efficient light bulbs. O C. an expectation that new government regulations will ban the use of energy-efficient light bulbs. O D. a decrease in average income that enforces consumers to buy less expensive energy-efficient light bulbs