Suppose the year 2016 has been particularly bad year for onions due to low rainfall: supply now is given by: P = 40 + Q (e) December is the month of celebrations, so the demand: P = 160 - 2 Q. What is the equilibrium price (rupees) and quantity (kgs) in December 2016? (f) The opposition party is concerned about the prices, and argues for price regulation (in December). They argue that it is fair to lower the price for consumers, so they suggest to fix it at Rs. 50. Do you agree with this argument? Provide economic reasoning why or why not.