Please utilize well-executed, clearly constructed graphs for showing responses to all questions. Please remember to:

• Label all axes (P, Q)
• 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 onlyQuadrant 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 Q-axes.

Question 1 (15 points)

Suppose you have been hired by a research firm 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 Q_d = 200 - 5P and the Supply curve for Widgets appears to be linear as well and is estimated as Q_s = 5P - 50. Graphically draw these two curves, labeling all relevant points (such as intercepts for each line) on the horizontal and vertical axes.