Problem 3 Suppose the demand and supply curves for solar panels in the US are given by the following equations: QDUSA = 190 4UP (which can also be written as P = 4.75 1/40 QDUSA) QSUSA = 40F 110 (which can also be written as P = 2.75 + 1/40 9303.4) where Qd is the quantity in SW (gigawatts) of solar panels Americans would like to buy; QS is the quantity in (SW {gigawatts} of solar panels American firms would like to sell; and P is the price per watt generated by solar panels. Assume that firms in the solar panel market are price takers; that is, assume that the solar panel market is a perfectly competitive market. a. Fill in the following table: Price Quantity Demanded (QB use) Quantity Supplied (0303.4) $2.75 $3.00 $3.25 $3.75 $4.25 $4.75 b. Using the information in the table, what is the equilibrium price and quantity? c. Graph the demand and supply curves identifying (1) both the supply and demand curves, (2} the equilibrium price, and (3) the equilibrium quantity on your Quiz Written Answer Sheet Graph. d. If the world price per watt generated by solar panels is $3.00, answer the following questions and illustrate on your Quiz Written Answer Sheet Graph: i. What quantity in GW {gigawatts} of solar panels that Americans would like to buy? What quantity in (3W (gigawatts) of solar panels American firms would sell at that price? ii. Is there an excess of supply or an excess of demand? What quantity in GW (gigawatts) of solar panels will Americans export or import? e. In February 2018, President Trump unveiled tariffs on solar cells and panels. These tariffs tax non-American produced solar panels increasing the price from the world price per watt generated by solar panels of $3.00 to $3.25 for Americans. i. Following the implementation of the tariffs, what quantity in GW (gigawatts) of solar panels would Americans like to buy? ii. Following the implementation of the tariffs, what quantity in SW (gigawatts) of solar panels would Americans firms like to sell