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3. Suppose demand and supply are given by = 60 and = 20 a. Draw the demand and supply curve b. What are the equilibrium

3. Suppose demand and supply are given by = 60 and = 20

a. Draw the demand and supply curve

b. What are the equilibrium price and quantity in the market? Indicate the equilibrium on your graph.

c. Suppose the current price is at $50. Calculate the quantity demanded and quantity supplied at this price and discuss whether the market is faced with a shortage or a surplus and the resulting effect on the price.

d. Calculate the consumer surplus. What does it mean?

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