[14 points, 4 parts] Suppose the demand for orange juices is given by: qD = 100 – 5p and the supply for orange juices is given by: qS = 10p2.1. [3.5 points] Derive and graph the inverse supply and inverse demand curves.2.2. [3.5 points] Solve for the equilibrium price and quantity.2.3. [3.5 points] Suppose that supply changes so that at each price, 20 fewer orange juices are offered for sale. Derive and graph the new inverse supply curve.2.4. [3.5 points] Solve for the new equilibrium price and quantity.
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