Question 6 (4 points) Suppose that the demand and supply functions for good x are given as follows: Q -120 -2P, + 1 + P, and Of = -30+ P - 2t +s-2f where Px denotes the price of good x, P, denotes the price of a related product y, I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. What happens to the price and quantity equilibrium of good x as Income falls? O Both equilibrium price and quantity rise. Price equilibrium rises while quantity equilibrium falls. Both equilibrium price and quantity fall. Price equilibrium falls while quantity equilibrium rises