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1. Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. Price ($)Quantity

1. Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.

Price ($)Quantity Demanded (Monthly)Quantity Supplied (Monthly)

56,00010,000

48,0008,000

310,0006,000

212,0004,000

114,0002,000

a. What is the equilibrium price and the equilibrium quantity?

b. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

c. Suppose the price is currently $2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph

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