i need it in words not handwritten 1. The supply and demand functions for a product are as follows:Qs = 1,160P – 347Qd = 1,611 - 1,040P%3Dwhere:Qs =quantity supplied (thousands of units per month)Qd = quantity demanded (thousands of units per month)= price per unit (US$).%3Da) i) Determine the equilibrium price and quantity in this market.ii) Sketch the supply and demand functions, labelling intercepts withthe axes and the equilibrium point.ii) Calculate the total monthly revenue if this price and quantity aretraded.b) Due to a shortage of raw materials, suppliers are willing to offer a smallerquantity at each price. This shortage causes suppliers to reduce thesupply at each price by 176,000 units per month.i) Write down the new supply function.ii) Calculate the new equilibrium price and quantity traded.iii) Sketch the effect of this reduction on your diagram.iv) Determine the amount of subsidy per unit that the governmentwould need to pay in order for the suppliers to be willing to supplythe same quantity as in part a).

Since you have asked multiple questions, we will solve the first question for you. If you want any…

1. The supply and demand functions for a product are as follows: Qs = 1,160P – 347 Qd = 1,611 - 1,040P %3D %3D where: Qs = quantity supplied (thousands of units per month) Qd = quantity demanded (thousands of units per month) = price per unit (US$). %3D %3D a) i) Determine the equilibrium price and quantity in this market. ii) Sketch the supply and demand functions, labelling intercepts with the axes and the equilibrium point. ii) Calculate the total monthly revenue if this price and quantity are traded.