Please remember to: Label all axes (P, Q) Label all lines/curves (Demand, Supply) Label all relevant equilibrium points Label intercepts for your linear demand and supply. (Intercepts are the points where the lines intersect the axes. For example, if a demand curve intersects the price axis at P=100, indicating that at P=100, 0 units are demanded, you should label that point on the axis with the price of 100). Please limit your depictions of supply and demand only to the non-negative values of P and Q (e.g., utilize only Quadrant 1 of the coordinate plane). This means that your supply curve will have one applicable intercept on the P-ax

Suppose there is a small island nation with no international trade but capable of growing many types of vegetables. Consider the market for tomatoes on this island (and for our purposes, suppose the currency on this island nation is called dollars, a very original name). Assume the demand for tomatoes of Qd = 200 - 50P while supply is described by Qs = 50P where P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms. Calculate the equilibrium price and quantity in the market for tomatoes. Graphically depict this outcome, labeling the demand curve as D1 and supply curve as S1.