2. Use the following Supply and Demand Schedules to answer the next 4 questions:

Table 2.

Price Qt. Supplied Qt. Demanded

3 30 75

4 40 70

5 50 65

6 60 60

7 70 55

8 80 50

2a. Draw the Supply and Demand graph from the data above., Label the graph,

2b. When the price is 5 , this market has a surplus or shortage__________.