2. Equilibrium and Price QuantityA. Solve for equilibrium price and quantity. Use the demand supply and functionsB. What will occur in the market (shortage or surplus) if p2 is changed in the market instead of equilibrium price? Show the amount of surpluses and shortages. C. What wil occur i the market (surplus or shortage) if p10 is changed in the market instead of the equilibrium price? Show the surpluses and shortages. D. Plot the demand and supply curve of the same graph. Graphically show the equilibrium price and quantity. Label the graph. NOTE: 1 A and 1 B must also have a graph.

Show solutions to all numbers that require a solution. No credit for numbers without solutions. 1. Demand and Supply Functions A. Complete the demand schedule below suppose QD = 160-8P. Show your solutions. Qd 144 10 B. Complete the supply schedule below suppose QS = 70+7P . Show your solutions. Qs P2 84