Suppose the demand for video game consoles is given by, Q d
=1640−15P−1.7P g
​ +161, where Q d
is the quantity of video game consoles demanded, P is the price of a video game console in dollars, P g
​ is the price of a video game in dollars, and 1 is average consumer disposable income. The supply o video games is given by, Q ∗
=−1099+25P−45P m
​ , where Q ∗
is quantity of video game consoles supplied, and P m
​ is the price of memeiry cards, an inpur used to make consoles. Suppose, initially: P g
​ =$65,1=$1300, and P m
​ =$80. Use this information to answer the five questions (a. through e.) below. a. Suppose the market price (P) were $700 per console. How many consoles would be demanded? How many supplied? NOTE: For each box below, calculate the respective quantity at a price of $700. Quantity Domanded: Quantily Supplied: b. At the price in a., would market be in equilibrium? If not, would there be excess demand or excess supply? c. Calculate the equilibrium price and quantity in this market (calculate price to the nearest cent and quantity to the nearest whole number). NOTE: You may do the work outside of text boxes, just putting your final answers in them. Equilibrium Price: Equilibrium quantity: d. Entor formulas in each box to calculate the corresponding elasticity of domand when the market is at equilibrium quantity.