Question: Question 1 : (2 marks) Given the following two equations: Qa= 150- 3P Q. = 70 + 2P A- Calculate the equilibrium price and the

Question 1 : (2 marks) Given the following two equations: Qa= 150- 3P Q. = 70 + 2P A- Calculate the equilibrium price and the equilibrium quantity. Show all your work. B- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices. 10, 15,20 and 25. C- If the consumer income increases by 20%, what will happen to the equilibrium price and quantity

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