Please utilize well-executed, clearly constructed graphs for showing responses to all questions. You do not have to reproduce the graph for each question; for example, you may use one graph answering all four questions, 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 onlyQuadrant 1 of the coordinate plane). This means that your supply curve will have one applicable intercept on the P-axis, while the demand curve will have two applicable intercepts on the P- and Q-axes.

Question 4 (15 points)

Given that new Demand is Q_d = 250 - 5Pand Supply is Q_s = 5P - 50, your next assignment is to compute the new equilibrium Price and Quantity in the market for Widgets. Indicate these values on the graph.