• In the local market for e-books, the aggregate demand is given by the equation ????????=2000−400 ????+0,5????+150????hb………………eq1 and the aggregate supply given by the equation ????????=−516+300 ???? −60 ???? …………………....…..eq2 where ???????? is quantity of e-books, P is the price of an e-book, I is household income, W is wage rate paid to e-book laborers, and Phb is the price of a hardbound book. a) Explain the determinants of e-books demanded and supplied as stated in equations 1 and 2. Explain the expected relationship between each parameter and quantities of e-books demanded/supplied. b) Assume I is N$2,300, W is N$10, and Phb is N$21.40. Determine the equilibrium price and quantity of e-books in this local market.