3. (LO 4, 5, 6) Table 2.12 shows the market demand and supply for Fuji apples in Peterborough.

a) What is the equilibrium price and quantity traded?

Price: Quantity:

b) Suppose that supply increases by 30. Complete the column in Table 2.12.

Quantity Quantity Quantity Price Demanded Supplied 1 Supplied 2 0 180 90 2 170 110 4 160 130 6 150 150 8 140 170 10 130 190

c) What would be the price and quantity traded at the new equilibrium?
Price: Quantity:

d) After the increase in supply, what would be the surplus/shortage at a price of $8?
Surplus/shortage of