Given the following equations representing the behavior of producers and consumers:

Consumers: Qd = 1,200 - 6P, Producers: Qs =54P, (P: Price)

(Qd: quantity demanded, Qs: Quantity supplied )

Price

30

28

26

24

22

20

18

16

Quantity Demanded (Qd) Not listed

Quantity Supplied (Qs) Not listed

a. Graph and label Demand and Supply. must be in scale

b. What price corresponds to the equilibrium price for this market? What is the equilibrium quantity? (show your calculation), must show them clearly in yourgraph.

c. What will happen if the price is set at $26? Please specify the distance and term,also show it on the graph

d. What will happen if the price is set at $18? (2%) Please specify the distance term, also show it on the graph