1. General Equilibrium Assume there are two goods in the economy, X and Y. X and Y's demand and supply are: Q = 63 - 3P,+ 0.21P, and Q = 4P.- 7Py Q4, = 36 - 4P, + 0.24P. and Qy 8P,-3P. %3D a. What are...

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Extracted text: 1. General Equilibrium Assume there are two goods in the economy, X and Y. X and Y's demand and supply are: Q = 63 - 3P,+ 0.21P, and Q = 4P.- 7Py Q4, = 36 - 4P, + 0.24P. and Qy 8P,-3P. %3D a. What are the equilibrium prices and quantities? b. If the supply of good X increases to Q = 11Px-14.21P, what would the equilibrium prices and quantities be? How does the outward shift in X's supply affect Y's market through the C. demand-side link? d. How does the outward shift in X's supply affect Y's market through the supply-side link? According to your results, which one is dominant? Demand-side link or supply-side link?