12. Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for tote bags.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.

Search Homework (Ch 04) Graph Input Tool (? ) 60 Market for Tote bags Price 24 (Dollars per tote bag) Supply Quantity 600 Quantity Supplied 250 Demanded (Tote bags, Tote bags, PRICE (Dollars per tote bag) OO N O 2 8 8 5 6 8 Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Tote bags) The equilibrium price in this market is $ per tote bag, and the equilibrium quantity is tote bags per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per tote bag) Shortage or Surplus (Tote bags) Pressure 18 42