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Suppose that the demand and supply functions for good x are given as follows: (" =120 -2P, + 1 + P, and Q = -30+ P - 21 + s -2f where P, denotes the price of good x. P, denotes the price of a related product y. I denotes income. t denotes tax firms face. s denotes subsidy and f denotes factor prices. What happens to the demand and supply of x as factor prices (f) rises? O Supply shifts to the right while demand stays the same. No change in Demand and Supply. Supply shifts to the left while demand stays the same. Both supply and demand shift to the right.Suppose that the demand and supply functions for good x are given as follows: 0. = 600 -2Px - 1 + P and Of = P. - 21+s - 2f where Px denotes the price of good x, P, denotes the price of a related product y. I denotes income, I denotes tax firms face, s denotes subsidy and f denotes factor prices. Suppose also that exogenous variables are given as follows: Income (1) = 30, Price of the related product (P, ) = 30, tax (t) =24, subsidy (s)=15 and factor prices (f)-36. What is the value of the price elasticity of supply at the equilibrium (round up to two digits)? 2.04 1.16 2.23 1.81Suppose that the demand and supply functions for good x are given as follows: Of =120 -2P, + / + P. and O' =-30+ P, - 21 +s -2f where Py denotes the price of good x. P. denotes the price of a related product y. I denotes income. t denotes tax firms face, s denotes subsidy and f denotes factor prices. What happens to the supply of x as price of x rises? O Supply of x rises since law of supply holds Supply of x stays the same but quantity supplied rises. Supply of x stays the same but quantity supplied falls. Supply of x falls since law of supply holdsSuppose that the demand and supply functions for good x are given as follows: Of = 600 -2Px - 1 + Py and Ox = P. - 21+s - 2f where Px denotes the price of good x, P, denotes the price of a related product y. I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. What is the equilibrium quantity of x as a function of exogenous variables P , I, t. s and f? O eqb Py+1-4t-25-4f Q x = 200 + 3 Oneab Py-I-4t+25-4f x = 120+ 3 O o' eqb I+Py-4t+25-4f X = 120 + 3 O geab = 200+ Py-1-4t+25-4f 3