\"The Hotdog |Gray and the WW have decided to plunge into the hot dog markeL Maids: Fenway Park in Boston and have conducted some heavy economic analysis. They have discovered the supply curve for hot dogs can be expressed as P = .25 + .fQ. Through observations of local maidcuts the \"W' found that everyone has the same demand curve for hot dogs and has documented the following data regarding market demand in their area. 4&- Price $3.!!!) $15!} sass $1.1m sass Quantity 5t} T5 1|]=[I= 15!} 175 Demanded a} Given the above data, express the demand curve as a linear equation. (Hint: use the same form as the supply curve above. expressing P as a function of Q. Be sure to express the change in P in (Editors {H.519} and not cents [5D]. b} Use the demand curve derived in a} and the given supply curve to show how the \"m' can {given his academic credentials from the University of W W calculate the equilibrium price and quantity for hot dogs. e) Graph the demand and supply curves, showing the equilibrium price and quantity. d] Suppose the \"Hotdog Guy" ignores the \"W\" approach of using the equations to find the equilibrium price and indiscriminately charges $4.0D per hot dog. Calculate the excess demandfexcess supply that exists at this price of $4.0\"). e) The \"Liamgather\" {being the keen observer that he is) discovers that on holidays demand picks up so that the demand function is now P = 5.043} - aosg. He says he can charge a higher price on holidays and still sell all the hot dogs he wants to supply. \"The Hotdog Guy\" disagrees and says the equilibrium price has not changed. Use the holiday demand equation to calculate the new equilibrium price and quantity. Plot the new demand curve on your original diagram and show what has happened to the equilibrium price