The market supply curve fora certain product is given by the following tormula: PS(05)=50+QS. The demand curve is given by PD(QD)=120-60D. a) What are the equilibrium price and quantity in the competitive equilibrium? b) Draw a diagram that shows the market supply and demand curve as well as the equilibrium price and quantity. Assume that the income of all consumers decreases. c) How would lhis change your diagram from b)? Update your diagram from b). Briey explain, why you made changes d) Does the equilibrium quantity increase. decrease or stay the same? (You do not have to explain why.) e) Does the equilibrium price increase, decrease or stay the same? (You do not have to explain why.) f} Are consumers or producers better olf from the decrease in income? Explain