1. Demand and Supply Curves and Equilibrium The table below provides a hypothetical demand and supply curve for baklava (pastry) in the town of Ruthenia. Price per piece Quantity demanded (thousands of pieces per day) Quantity supplied (thousands of pieces per day) $6.00 0 24 $5.50 3 21 $5.00 6 18 $4.50 9 15 $4.00 12 12 $3.50 15 9 $3.00 18 6 $2.50 21 3 A. Draw and graph the supply and demand curves. (label correctly and be clear on graph supply and demand CURVES) B. Label the equilibrium price and the equilibrium quantity on the graph. (label correctly on the graph and be clear LABEL ON THE SAME GRAPH FROM PART AX) C. Suppose that a price is imposed at $3.50 (price ceiling) per piece. What is the quantity demanded? What is the quantity supplied? D. This information implies that at $3.50 per piece there is a (shortage/surplus/equilibrium in the market E. Suppose that a price is imposed at $5.50 (price floor) per piece. What is the quantity demanded? What is the quantity supplied? F. This information implies that at $5.50 per piece there is (shortage/surplus/equilibrium in the market).