Use the tollowing graph to answer questions Y through 11: I I 2 3 4 3 &4 7 & 9 1018 121314 15101617 18 19 20 27 22 23 24 25 9. Plot the following Price and Quantity combinations: (4, 8), (1, 2), (5, 10) 10. Is your graph more likely to be a demand curve or a supply curve? Why? 11. Using the equation of a line, and P for price and Q for quantity, what is the algebraic formula of this curve? 12. Suppose the equation of the line changes to P =5Q + 70. Compute the quantity demanded at each indicated price: (a) Price = P50, (b) Price = P40, (c) Price = P30 13. Use the following two equations for the demand and supply curves to compute the (a) equilibrium price, and (b) equilibrium quantity. Demand curve: Q4 = 3,300 2P Supply curve: @, = 500 + 8P 14. Suppose the Congress cuts personal income tax rates. Draw a simple supply and demand graph to show how will this affect the market for air conditioners. Hint: A shift will occur. Explain whv will this shift occur