Question 20 (4 points) Suppose that the demand and supply functions for good at are given as follows: Q: =120 2P1 + I + Py and Q: 30+ PI 2: + .s 2 f where Px denotes the price of good x, P denotes the price of a related product y, I denotes income. t denotes tax rms face. 5 denotes subsidy and f denotes factor prices. What happens to the demand and supplyr of good It as Income falls? 0 No change in Demand and Supply. O Demand shifts to the right while supply stays the same. 0 Demand shifts to the left while supply stays the same. 0 Both supply and demand shift to the left