Suppose the supply of a good is given by the equation Q3 = 1[I + 2P and the demand for the good is given by the equation QB = '30 2P, where quantity (Q) is measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market is V units and the equilibrium price is . On the following graph, plot the demand curve using the blue line (cirrle symbol) and plot the supply curve using the omnge lr'ne (square symbol). Then place the black polnt (plus symbol) at the equlbrfum price and quantity. Dashed drop lines will automatrbally extend to both axes. so 0 45 40 Demand 35 |:| E a so Supply '3. E 25 --I- E - Q 210 __ . E Eoumbnum n: CL 15 ll] n51olszozssos54o4aso QUAN'HTY {Thousands of units) Now suppose a change in consumer tastes results in a new demand curve given by the equation (2\" = 50 2P. Given this equation, the change in consumer tastes must have V demand. The newI equilibrium quantity in this market is V units, and the equilibrium price is v per unit