I'm not sure if this is acceptable, but I wanted to know if someone can check my answers and plotting. I have not been in school for years, so I am a bit rusty.

Questions 1-3 are listed in the attached file. The last question did not fit in the picture. So this is the final question:

Question 4 (15 points)

Given that new Demand is Q_d = 90 - 3P and Supply is Q_s = P - 10, your next assignment is to compute the new equilibrium Price and Quantity in the market for Widgets.Indicate these values on the graph.

\fPlease follow all directions pmvided in lllinois Compass 26 for submission of this assignment. You must submit your work in the form of either a Microsoit Word document or a PDF file, one le only. No other formats will be accepted. Please utilize well-executed, clearly constructed graphs for showing responses to all questions. You do not have to reproduce the graph for each question; for example, you may use one graph answering all four questions, as long as everything is clearly and unambiguously labeled. Please remember to: . Label all axes (P, Q) 0 Label all lines/curves (Demand, Supply) . Label all relevant equilibrium points . Label intercepts for your linear demand and supply. (intercepts are the points where the lines intersect the axes. For example, if a demand curve intersects the price axis at P=100, indicating that at P=100, 0 units are demanded, you should label that point on the axis with the price of 100). . Please limit your depictions of supply and demand only to the non-negative values of P and Q (e.g., utilize only Quadrant 1 of the coordinate plane}. This means that your supply curve will have one applicable intercept on the P-axis, while the demand curve will have two applicable intercepts on the P- and Qaxes. Question 1 (15 points) Suppose you have been hired by a research rm trying to understand the market for Widgets (a hypothetical product). Your analysis of the data indicates that the Demand curve for Widgets is estimated to be linear and given by equation Qt: 150 3P and the Supply curve for Wldgets appears to be linear as well and is estimated as Q; = P 10. Graphically draw these two curves, labeling all relevant points (such as intercepts for each line) on the horizontal and vertical axes. Question 2 (15 points) Given that Demand is Q; = 150 3P and Supply is Q = P 10, your next assignment is to compute the equilibrium Price and Quantity in the market for Widgets. Indicate these values on the graph. Question 3 (15 points) The rm that hired you projects that changes in consumer demographics will cause the Demand curve to change to 991 = 90 3P. If the Supply curve remains the same (GS = P 10), graphically draw these two curves, labeling all relevant points on the horizontal and vertical