1. Explain what would happen to equilibrium price and quantityin the market for

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1. Explain what would happen to equilibrium price and quantityin the market for Pepsi if the following occurred (be sure toindicate WHY it happens as well):a. The price of Coke decreases.b. Average household income falls from $50000 to $43000c. There are improvements in soft-drink bottlingtechnology.d. The price of sugar increases and the Pepsi launches anextremely successful advertising campaign.2. Use the following equations for demand and supply to solvefor market equilibrium price and quantity:Demand: Qd = 100 4PSupply: Qs = 10 + 6P3. Using the diagram below answer the followingquestions:a. How much is the per-unit tax on cigarettes?b. What price do consumers pay after the tax?c. How much tax revenue is collected?d. What is the amount of deadweight loss?

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