Suppose the demand function for a new smartphone can be expressed as QD = 1000 1.5P with QD being quantity demanded and P being price. The supply function can be expressed as QS = 50 + 2P Fill out the following table using the above equations: Price Quantity Demanded Quantity Supplied Surplus Amount or Shortage Amount 200 220 240 260 280 300 320 340 Now answer the following questions: 1. What is the equilibrium price? You can compute this either using Microsoft Excel, or by using algebra from the equations above and solving for a price where quantity supplied equals quantity demanded. Show your work by either showing the algebra steps or by showing how you used Excel to calculate. 2. Suppose the supply function changes to 100 + 2P. What is the new equilibrium? Show your work by either showing the algebra steps or by showing how you used Excel to calculate.