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Question: 5 suppose the demand and supply functions are given by...

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5. Suppose the demand and supply functions are given by QD = 15-Р Qs = P-5 where QD and Qs are the quantities and P is the price.c) Suppose demand decreases by 1 unit at each price. What is the new demand function? Add the new demand curve to your graph, labelling the new price intercept. 4] price intercept. d) Calculate the new equilibrium price and quantity. Label these on your graph. Has the equilib- rium quantity decreased by 1 unit? Explain. 6

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