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Q. The demand and supply curves for T-shirts in Touristtown, U.S.A., are given by the following equations( 3 points)Q=24,000- 500P, Q=6,000 + 1,000PWhere P is measured in dollars and Q is the number of T-shirts sold per year.1) Find the equilibrium price and quantity algebraically.2)If tourists decide they do not really like T-shirts that much, which of the following might be the new demand curve?Q=21,000 - 500P, Q=27,000 - 500P.
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