The demand function for good X is as follows:

Qdx = -Px + 3Py - Y

1. If Py = 2000 and Y = 1000 what is the demand function for good X?
2. The supply function for good X is as follows: Qs =-4000 + 2P. Using this function and the demand function you derived in part (a) calculate the equilibrium price and quantity of good x.
3. Draw the demand and supply curve and illustrate the equilibrium price and quantity. Illustrate the value of the intercepts on the demand curve and the intercept of the supply curve on the price axis.
4. What is the demand function for good x when income decreases to 400 and the price of good y remains constant at 2000? Using this demand function and the supply function above, calculate the new equilibrium price and quantity.
5. Draw the new demand curve on the diagram you drew in part (c) and illustrate the new equilibrium price and quantity. Illustrate the value of the intercepts on the new demand curve.