2 Table 1 shows the demand and supply of cat food per year Price Quantity demanded Quantity supplied (dollars per pound of (tons of cat food per (tons of cat food per cat food) year) year) 1 52 15 1.5 46 26 2 43 34 2.5 40 40 3 35 44 b What is the equilibrium price and quantity? How did you decide your answer (2 marks) if the price is $3.00 per pound of cat food will there be a shortage, a surplus? Explain why, (2 marks) What is the size of shortage or surplus? (1 mark) 2 A- B 1 6S "F 12/2/ O