assignthemis not uploaded in : vey Assignments Submission Folder will be assigned zero, 1. (20 points) (a) Given that the market supply for a product X is: Qs = [(Px, Px. K), where Qs is quantity of product X supplied, Px is the unit price of product X, Py is the unit price of a technologically related product Y, and K is capital. Other things equal, carefully explain the impact of: an increase in price of Y on the market supply of product X. ii. a decrease in price of X on the market supply of X. (b) The State of Georgia has decided to substantially decrease its subsidies to public colleges. With the theory of demand and supply, graphically illustrate and carefully explain how a huge decrease in Georgia State's subsidies to public colleges might affect tuition and enrollment in both public and private colleges in Georgia. Hint: Use two market diagrams for your analysis - one for public colleges and one for private colleges