Question: Please explain and graph the solution for the problem below: Joshua's income increases, while federal taxes increase; therefore, please illustrate by constructing a supply and

Please explain and graph the solution for the problem below:

Joshua's income increases, while federal taxes increase; therefore, please illustrate by constructing a supply and demand graph, the direction in which the curves will shift and state the new equilibrium price and quantity; for example, state whether price and quantity increased, decreased, or are indeterminate. Please explain your rationale based on the determinants of demand and supply.

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