R 1. Suppose the market demand function for medical care: Qd= 800 - P and the market supply function for medical care is Qs= -400 + P. ' a) Graph the supply and demand functions in the typical manner with price (P) on the Y- axis and quantity of medical care (Q) on the X-axis, showing their intercepts. (5 pts) b) What is the equilibrium price and quantity? (5 pts show work) C) Atthe equilibrium price, what is the consumer surplus? (5 pts show work) d) Tastes change in favor of medical care, shifting the demand curve to 345Qd=1000 P. What is the new equilibrium price and quantity (5 pts show work). e) Suppose health insurance is provided to all consumers. The insurance policy has a 50% coinsurance rate.