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Question 3 Suppose you're an analyst monitoring the market for generic bags. Illustrate what would happen on equilibrium price and quantity if the price of leather decreases and there was income deduction due to ECO? Please note that generic bag is considered a normal good.Set 2 Question 1 Suppose market demand and supply are given by ngs =2EHJ 2P ng5 = 5+3P in the generic soap market. Show your complete solutions for each: a. 1What are the equilibrium price and quantity? h It" a price floor is sit] set, what will he the size of the resulting surplus? c. Determine the inverse supply function Question 1 Illustrate and compute the consumer surplus of all the buyers in this market if the highest price that the consumers are willing to pay is Pl pesos'i' Refer to answer la