Question 4: Suppose that the supply and demand curves for smart phones can be described by the following equations: 09:152P S=1o+3p a. Graph both supply and demand curves. Clearly indicate the price and quantity intercepts. (3 pts) Calculate the equilibrium price and quantity, and indicate them in your graph (3 pts) c. Now suppose that there is an earthquake that destroys the majority of smart phone manufacturers. As a result, the new supply curve for smart phones is Qs = 5 + 3P Plot this new supply curve on the same graph as in part (a). Is the new equilibrium price lower or higher? Is the new equilibrium quantity lower or higher? (3 pts) d. Calculate the new equilibrium price and quantity (3 pts) P\