11 . 1 Equilibrium The demand for yak butter is given by 121] 4p and the supply is 2;) :10, where p is the price measured in dollars per hundred pounds. Quantities demanded and supplied are measured in hundred-pound units. (a) In a graph. draw the demand curve (with blue ink) and the supply curve {with red ink] for yak butter. (b) Write down the equation that you would solve to nd the equilibrium prioe. (c) What is the equilibrium price of yak butter? What is the equilibrium quantity? Locate the equilibrium price and quantityr on the graph, and label the. 311 and (n. 11.2 Equilibrium, part 2 This problem is a continuation of the previous problem. (a) A terrible drought strikes the central Ohio Steppes, traditional homeland of the yaks. The supply schedule shifts to 2p 60. The demand schedule remains as before: 120 4p. Draw the new supply curve. Write down the equation that you would solve to nd the new equilibrium price of yak butter. (b) The new equilibrium price is: and the quantityr is: (c) locate the new equilibrium price and quantity on the graph and label them pg and q2