Question 4 (4 points) Suppose that the demand and supply functions for good x are given as follows: Q =120 -2P, + I + P and Of = -30+ P - 2t + s -2f where PY denotes the price of good x, P, denotes the price of a related product y, I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. What happens to the demand and supply of good x as Income falls? Demand shifts to the left while supply stays the same. Demand shifts to the right while supply stays the same. Both supply and demand shift to the left. No change in Demand and Supply