3. Thefollowing table summarizes information about the market for principles ofeconomics textbooks:

Quantity DemandedQuantity Supplied

Priceper Yearper Year

$454,300300

552,300700

651,3001,300

758002,100

856503,100

a.What is the market equilibrium price and quantity of textbooks?

b.b. To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now?

c.While the price limit is still in effect, automated publishing increases the efficiency of textbook production.

d.Show graphically the likely effect of this innovation on the market price and quantity.

e.How are the following demand curves likely to shift in response to the indicated changes?

f.a. The effect of a drought on the demand curve for umbrellas

g.b. The effect of higher popcorn prices on the demandcurve for movie tickets

h.c. The effect on the demand curve for coffee of a decline

i.in the price of Coca-Cola