1. The market price of the Simon mango (a particular type of mango) is $9 per pound. Aggregate quantity supplied and demanded at various price levels are shown in the table below. Using this table, please answer the following questions. Supply (millions of lbs.) Demand (millions of lbs.) wrap-99'! j. What is the equation for the Simon mango demand curve? Briey explain its meaning. What is the equation for the Simon mango supply curve? Briey explain its meaning. Draw a graph of the supply and demand curves (on the same diagram). Calculate the price elasticity of demand at $9/Ib. Calculate the price elasticity of supply at $9/lb. Calculate the consumer, producer, and total surplus in the market equilibrium. Label these areas on your diagram. What is the approximate marginal benet of the 10 millionth pound of mangos consumed? What is the approximate marginal cost of that same pound of mangos? What is the equilibrium price and quantity of mangos? Briey explain what these values mean. If the price of mangos was $9/lb, would you expect the price to remain there? Explain