Question 1. (10 marks) Figure 1.1 shows a chart with the demand and supply curves for new Suesung android devices. The demand and supply curves Demand(1) and Supply(1) respectively shown are given by the following formulae. Note that the price is in hundreds of dollars and quantity in millions of units For the Demand curve Demand(1), P Q+7 For the Supply curve Supply(1), (a) Using the equations given, calculate the equilibrium point for the demand for and supply of Suesung devices. Show all calculations. Figure 1.1 Demand-Supply Curves Supply(1) Demand(1) Quantity(Millions of Units) (b) If there is a shift of the demand curve (to the right) from Demand(1) to Demand/2), as shown in Figure 1.2, what would be the new equilibrium point? The equation for Demand(2) is given below and all workings must be shown: For the Demand curve Demand(2), P-Q+9