1-. The demand schedules of three individuals (Tom, Dick, and Harry) are shown. If they are the only three buyers of DVDs, complete the market demand schedule for DVDs. Graphically, is the market demand for a product the horizontal or vertical sum of the individual demand schedules? Quantity demanded, DVDs Dick Harry Total Price Tom $15.001 4 0 13.00 3 5 1 11.00 6 6 5 9.00 10 7 10 7.00 15 8 16 2-Answer the next question(s) on the basis of the given supply and demand data for wheat: Bushels Demanded Per Month Price Per Bushel Bushels Supplied Per Month TIT 3- 57 1. Refer to the above data. Equilibrium price will be 2. Refer to the above data. Equilibrium quantity will be 3. Refer to the above data. If the price in this market was $4, it would be excess supply or demand and how much. 4. Give an example of price floor and an example of price ceiling 5. Suppose supply has increased 10 units at each price a) Equilibrium price will be b) Equilibrium quantity will be In the space below each of the following, indicate the effect [increase (+), decrease (-)] on equilibrium price (P) and equilibrium quantity (Q) of each of these changes in demand and/or supply. P Q in demand, supply constant (a) Increase (b) Increase in supply, demand constant (c) Decrease in demand, supply constant (d) Decrease in supply, demand constant