Note that a function f(x) is a strictly increasing function if f'(r) > 0. Assume the supply function and demand function for a certain high-tech product are Qs = S(P,T). QD = D(P, Y). where Y is the income, T is the tax on the product, and P is the price. We don't specify a particu- lar analytical form of the supply and demand functions, but we assume that the supply function strictly increases with price and strictly decreases with tax, and that the demand function strictly decreases with price and strictly increases with income. Assume an equilibrium state exists in the sense that the supply and demand are balanced: S(P,T) - D(P, Y) = 0. (1) Will the price (P) increases with an increase in income (Y)? Show your working steps to support your answer. (2) Will the price (P) increases with an increase in tax (7)? Show your working steps to support your