Note that a function f(x)is a strictly increasing function if f0(x) > 0. Assume the supply functionand demand function for a certain high-tech product areQS = S(P, T),QD = D(P, Y ),where Y is the income, T is the tax on the product, and P is the price. We don’t specify a particular analytical form of the supply and demand functions, but we assume that the supply functionstrictly increases with price and strictly decreases with tax, and that the demand function strictlydecreases with price and strictly increases with income. Assume an equilibrium state exists in the sense that the supply and demand are balanced:S(P, T) − D(P, Y ) = 0.(1) Will the price (P) increases with an increase in income (Y )? Show your working steps tosupport your answer.(2) Will the price (P) increases with an increase in tax (T)? Show your working steps to supportyour answer