Sketch these curves on the same graph with quantity on the horizontal axis and price on the vertical axis. a. Suppose market demand for tires (in millions) is given by the equation QP 25-P. Tires are supplied according to the market supply equation Q=4P. Find the equilibrium price and output and draw the demand and supply curves in the equilibrium market. b. If the new price is at $10, find the amount of surplus OR shortage.

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