Using data on the market of a particular product, the following show the estimated demand and supply equations respectively Qd = 4,437.50 − 332.5P and Qs = 2,250 + 300P.   If the new demand equation will be Qd′ = 6,123.75 − 458.85P   I. What would be the new equilibrium price (round-up to 6 decimals)? J. How many of this product will be bought and sold at this new market price? Round-up to two decimals. K. List five factors that could be the reason for this change in demand

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