A campus club is holding on on campus fundraiser selling food and drink.The demand and supply schedule for Gatorade sold at the fundraiser can be seen below.

QUESTION 2

Suppose the club decides to set a price of $2.50 for Gatorade. Would this createe a surplus in Gatorade or a shortage of Gatorade?

(a) surplus

(b) shortage

How large is the surplus/shortage?

(a) 10

(b) 20

(c) 30

(d) 40

(How large is the difference between Quantity Demanded and Quantity Supplied?)

QUESTION 3

What is the equilibrium price of Gatorade? ..............

What is the equilibrium quantity of Gatorade purchased? ................ (Please just enter the quantity as a numeral, do not include any units(So if your answer was 5 bottles of Gatorade, simply enter 5))

QUESTION 4

Suppose an increase in temperature increases the demand for Gatorade (when it is hot outside, the taste/preference for a cold drink will change). The new demand schedule can be seen below.

Question 1 2 pts Below are the demand schedule and the supply schedule for Gatorade sold by an SBVC campus club during a fundraiser. Demand Schedule Price Quantity Demanded $0.50 30 $1.00 25 $1.50 20 $2.00 15 $2.50 10 $3.00 5 Supply Schedule Quantity Supplied 10 20 3O 4O 50 Use the Demand Schedule and Supply Schedule above to construct a Demand and Supply model on the blank graph provided. Please label the demand curve and the supply curve. You can use the blank graph provided here, oryou may build your own from scratch. Upload a photo of your graph here. $3.00 $2.50 $2.00 0 5 10 15 20 25 30 35 40 45 50 Quantity Demand Schedule Quantity Price Demanded $0.50 45 $1.00 40 $1.50 35 $2.00 30 $2.50 25 $3.00 20