Vehicle standards. Let inverse demand for new vehicles be given by P = 30000 .03Q and inverse supply is initially given by P 0 = 5000 + .02Q. Suppose new engine standards require costly technology adoption, shifting the supply for new vehicles up to P 1 = 6000 + .03Q. Prior to the engine standards, new vehicles generate $1000 of damages per year and used vehicles generated $1500 of damages per year. Following the engine standards, new vehicles generate $800 of damages per year. (a) What was the pre-standard quantity of new vehicles sold and post-standard quantity of new vehicles sold? (b) Quantify the change in damages (per year) in the new vehicle market from the engine standards. (c) How do you expect this to affect sales of used vehicles? Explain in words how this will affect the used vehicle market, and illustrate graphically the change in supply and/or demand and the resulting change in equilibrium outcomes. (d) How large would the increase in used vehicles have to be to offset the environmental benefits in the first year of the policy