Application: 1. Use the chart below to answer the following questions. Quantity of Hot Quantity of Hot dogs demanded dogs supplied per per day 3. Calculate the surplus and shortages would occur depending on the price charged. What would be the market price that would be charged? (Application: 2 Marks) b. Draw a demand and supply graph and plot these gures. (Application: 2 Marks] c. On the graph, indicate the equilibrium price. Shade in the part of the graph that is the \"Surplus area\" and do the same for the part that is the \"shortage area\" (Application: 1 Marks)