Suppose the demand for shoes is given by Qd = 40 – 5P and the supply forshoes is given by Qs = 10P – 20, where P = price (per shoes).i. Graph the supply and demand schedules for shoes. ii. What is the equilibrium price and equilibrium quantity using theequations provided? iii. What would happen if suppliers set the price of shoes at $8? Illustratethis problem iv. Explain the market adjustment process of the problem in part (iii)

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