Question 1 (10 points) question 1 (show all your work) The market for game used authenticated MLB baseball balls for a given game is given by the following demand and supply curve. QD = 1500 - 50P and Qs = 50 a. Calculate the equilibrium price and quantity for the used baseballs. (3 pts) Quantity = Price = [2 points] Why is it important to have a proper understanding of different market structures? [2 points] The production process of androids created make heavy use silicon and carbon fiber as inputs. If the price of silicon dropped due to an improvement in its own manufacturing process: a. What would happen to the demand curve? (Movement or shift) b. What would happen to the supply curve? (movement or shift) [3 points] What is the difference between monopolistic competition and an oligopoly