2.The data in the following table represents Canadian wheat market where, Qd and Qs are the quantity of wheat demanded and supplied in bushels per week respectively, and P is the price of wheat in dollars per bushel.

PriceQdQsSurplus/Shortage

103,0008,000---------

93,5007,000----------

84,0005,500----------

74,5004,500---------

65,0003,500----------

Calculate the amount of surplus/shortage if the current market price is $8 per bushel. Analyze its impact on market price and quantity.