Funky Beans is a company that processes exotic heirloom kidney beans. The heirloom kidney bean industry is not very large but it is highly competitive, including Funky Beans there are 10 equally sized companies. Assume each company produces an equal share of the market equilibrium quantity and assume that each firm sells every unity they produce. Serious chili chefs insist on using heirloom beans to make their chili. Another key ingredient for gourmet chili is ground antelope meat. Funky Beans' chief economist, Cletus von Nostran, has estimated different demand and supply functions. Your job is to write him a memo based on the models he has created. Today the market for HKB (heirloom kidney beans) is as follows: Demand Today: QD1 = 110 6.1P +1.4I-2.6Pa Supply Today: QSl = 162 + 0.72P P = price of HKB/case I = consumer income = $132 Pa = price of ground antelope = $4.47/pound Dr. von Nostran is interested in the following additional scenarios that could cause a shift in the demand for HKB: QD2: What if income decreases to $90 next year? QD3: What if the price of ground antelope decreases to $2.00 next year (assume income is $132)? QD4: What if the price of ground antelope increases to $10.40 next year (assume income stays at $132)? Another possible change is that 2 of the weaker HKB producers fold and supply shifts. If 2 producers fail then the supply function for next year would change to: Supply if 2 firms leave: Q52 = 120 + 0.72P Step 1. In the 'data' worksheet calculate the quantity of HKB that would be demanded and supplied at prices between $0.00 and $30.00 in $1.50 increment for each possibility; QD 1, QD2, QD3, QD4, Q51 and Q52