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**JUST NEED GRAPH PART, THANK YOU!** Suppose that the (inverse) demand equation for organic tea is P = 230 - 4Qd and the inverse) supply
**JUST NEED GRAPH PART, THANK YOU!** Suppose that the (inverse) demand equation for organic tea is P = 230 - 4Qd and the inverse) supply curve for organic tea is P = 0.6Qs in a local market. Quantities are measured in pounds per week, and price is measured in dollars per pound of tea. Find the equilibrium quantity and price in this market. Suppose recent regulations for organic tea production, established by the Food and Drug Administration, increase the costs for producers of organic tea. Under these regulations, the new (inverse) supply curve for tea is as follows: P= 16 +0.6Qs. Find the new market equilibrium quantity and price under these conditions. (Assume that the demand equation remains the same.) Compare the original equilibrium quantity and price to the new equilibrium quantity and price. Has price fallen or risen? Has quantity exchanged fallen or risen? Sketch a supply-and-demand graph to illustrate the market before and after the regulation goes into effect. In this example, has supply increased or decreased? Are the directions of change in price and quantity that you found from your computations consistent with this supply increase or decrease
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