2/3 - 100% + Question 2: Supply and Demand Consider the market for soybeans in the United States. Suppose the demand and supply functions for soybeans are as follows: Qd = 900 - 2P Qs = -75 + 0.5P where Q is metric tons of soybeans (in million) and P is the market price of soybeans per metric ton. (1) (Calculating) In the worksheet "Q2 Calculations A" of the provided Excel file, use formulas to calculate the values of Qd in cells B2-B92 and Q5 in cells C2-C92 corresponding to the values of P in column A. (0.6 points) (2) (Graphing) In the worksheet "Q2 Calculations A", remove negative values in columns B and C. Then insert an X Y chart with smooth lines that depicts the demand curve and the supply curve, in which Q is on the horizontal axis and P is on the vertical axis. The chart should contain two series, with one named "Demand Curve" and the other, named "Supply Curve". Click the "" menu on the upper right corner of the graph to add appropriate chart title and axis titles, as well as the legend. You can also adjust the axis options such as minimum, maximum, major, and minor to make the chart more readable. Then cut the chart and paste it to the worksheet "Q2 Graphing". If you have difficulty, please watch the Excel tutorial videos on Blackboard and follow the instructions. (1 point) (3) (Answering) According to your calculation results or your chart, what is the market equilibrium price? What is the equilibrium quantity? (0.2 points) (4) (Calculating) In the worksheet "Q2 Calculations B", use formulas to calculate Qu, Q5, and consumer surplus (CS) when the market price is $400 in cells B3-B5 (0.5 points). Use formulas to calculate Q", Q5, and producer surplus (PS) when the market price is $300 in cells B9-BII (0.5 points). Round your results to the nearest whole number