The supply and demand equations of a good are given by the following formulas P=4Qs +48 P = -4QD +240 Find the equilibrium price and quantity. The equilibrium quantity is (Type an integer or a decimal.) The equilibrium price is $. (Type an integer or a decimal.) ...

Market in equilibrium: consider a market for smartphones where the equilibrium price (P*) is $600 per phone, and the equilibrium quantity (Q*) is 100,000 phones per month draw the initial supply and demand graph. qor Q Events: Due to a global shortage of microchips, the cost of producing smartphones increases significantly. Additionally, a new study reveals that smartphone usage can lead to improved cognitive abilities, leading to an increased demand for smartphones. Explain how both the supply and demand curves would be affected. Draw the new supply and demand curves on your graph (in red) and predict the changes in equilibrium price and quantity. I Demand: Supply:

USE TABLE #1: For the market for electric automobiles, the equilibrium price is $ ________________ and the equilibrium quantity is___________  .  (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).

Suppose last month  the equilibrium price of gum is $1 and the equilibrium quantity of gum is .75. This month the equilibrium price of gum is .75 and the equlibrium quantity is 300.  What might have happened in this market to cause this result?   Question 8 options:   a)  demand increased   b)  supply increased   c)  technology increased by more than the increase in the population    d)  quantity supplied decreased