III. (16 points) equations: Suppose the market demand and supply functions for good X is given by the following Qa = 975 -14P and Qs =280 + 19P 1. If the prevailing market price (P) of good X is $18, what is the quantity demanded and what is the quantity supplied ? Give specific numerical answers and show clearly how you have found them. 2. Is there shortage or surplus in this market at the given price (P) of $18? What is the magnitude of this shortage/surplus? . Give a specific numerical answer and show how you have found it. 3. Find the equilibrium price (P) and equilibrium quantity (Q) of good X. Give specific numerical answers and show the steps of your work. 4. Suppose that the demand equation changed to Qa = 1,040 - 14P. Name some of the likely causes of such a change