99'5\"?!" 6. Question 1 [6 pts} Given the following demand and supply curve for the new Nike shoes which your favourite popstar raves about: Q=210-3P and Q=50+2P Find the equilibrium price and quantity If the price of the good was $20, how much would consumers want? How much would rms be willing to supply? Show (1.) and {2.) on a diagram. Would you call (2.) a shortage or a surplus of goods? Why? Given the following functions: a. C1: 80-3P b. Q=320-2F' c. C1=90+5P d. Q=70+2P Which would best describe the following scenario: Just before you make the purchase, you see me walking in the Nike store trotting my new pair of Nike, which were the exact same you wanted to buy. l wave at youl Then proceed to talk to you in front of your friends and talk about how if you buy the shoes we will be shoes buddiesl And get to talk about it in class in front of everyone! FUN! Give your choice and reasoning. Identify your choice (5.) in your diagram