(Solved): The graph on the right shows a demand curve labeled D1. Use the line drawing tool to draw the ...

The graph on the right shows a demand curve labeled $$D_1$$. Use the line drawing tool to draw the new demand curve, $${\mathrm{D}}_2$$, when demand increases by 20 percent. Attach the appropriate provided label. Carefully follow the instructions above, and draw only the required object. The equation for the original demand curve $$D_1$$ is $$Q=50?6.25\mathrm{P}$$ Find the new demand equation when demand increases by 20 percent. (Enter numeric values rounded to one decimal place in the spaces below. Note that there is already a negative sign in front of the slope term, so enter the slope value as a positive number.) $$\mathrm{Q}=?\text{ ? }$$ The supply curve for the product is $$\mathrm{Q}=?10+12.5\mathrm{P}\text{. }$$ Find the original equilibrium price and quantity using the original demand curve $${\mathrm{D}}_1$$. (Enter your responses as real numbers rounded to 2 decimal places.) $$\mathrm{P}=\text{ and }\mathrm{Q}=$$ Find the new equilibrium price and quantity after demand increases 20 percent (i.e., use demand curve $${\mathrm{D}}_2$$ ). (Enter your responses as real numbers rounded to 2 decimal places.) $$P=\text{ and }Q=$$ The equation for the original demand curve $$D_1$$ is $$Q=50?6.25P\text{. }$$ Find the new demand equation when demand increases by 20 percent. (Enter numeric values rounded to one decimal place in the spaces below. Note that there is already a negative sign in front of the slope term, so enter the slope value as a positive number.) $$\mathrm{Q}=???\mathrm{P}\text{. }$$ The supply curve for the product is $$Q=?10+12.5P\text{. }$$ Find the original equilibrium price and quantity using the original demand curve $${\mathrm{D}}_1$$. (Enter your responses as real numbers rounded to 2 decimal places.) $$\mathrm{P}=$$ and $$\mathrm{Q}=$$ Find the new equilibrium price and quantity after demand increases 20 percent (i.e., use demand curve $${\mathrm{D}}_2$$ ). (Enter your responses as real numbers rounded to 2 decimal places.) $$\mathrm{P}=$$ and $$\mathrm{Q}=$$ Calculate the price elasticity of demand and the price elasticity of supply at the new equilibrium (i.e., use demand curve $$D_2$$ ). (Enter your responses as real numbers rounded to 2 decimal places.) Price elasticity of demand is Price elasticity of supply is