suppose that the demand and supply functions for a good x are given as follows: Qxd = 120-2Px+I+Py and Qxs = -30+Px-2t+s-2f where Px denotes the price of good x, Py 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 food x as Income falls? Price of equilibrium rises while quantity equilibrium falls. Price of equilibrium falls while quantity equilibrium rises. Both equilibrium price and quantity rise. Both equilibrium price and quantity fall