1: Solve the equations to determine equilibrium price.2: Now determine equilibri

1: Solve the equations to determine equilibrium price.2: Now determine equilibrium quantity.3: Graph the two equations to substantiate your answers and label these two graphs as D1 and S1.4: Furthermore; assume the demand for this product increases because of a change in income.A: graph the new demand curve and label as D 2.B: What will be the new equilibrium price and quantity compare to the initial one.C.Is this product normal good or inferior good?2: Explain what business cycles are.A: what are four common phases of business cycle? Fully explain and give specific example for each one.B: write two pages and explain the causes of recent recession and when it started and when it technically ended. Finally why the recent recession was called the worst recession after the great depression.