2. Equilibrium price and quantity - An algebraic approach Suppose the annual supply of a good is given by the equation Qs = -6 + 2P and the demand for the good is given by the equation Qp =14 -2P, where quantity (Q) is measured in millions of units per year and price (P) is measured in dollars per unit. The equilibrium quantity in this market is units per year and the equilibrium price is S the following graph, plot the demand curve using the blue line (circle symbol) and plot the supply curve using the orange line (square symbol). Then place the black point (plus symbol) at the equilibrium price and quantity. Note: Dashed drop lines will automatically extend to both axes. (? ) 10 O Demand Supply .+ PRICE (Dollars per unit) Equilibrium QUANTITY (Millions of units per year) Now suppose a change in consumer tastes results in a new demand curve given by the equation Qp = 10 - 2P. Given this equation, the change in consumer tastes must have demand. The new equilibrium quantity in this market is units per year, and the equilibrium price is per unit