Assume there is a restaurant in a suburb of the Twin Cities. They have been operating successfully for about 10 years. Below is their Demandeupply Schedule for the restaurant on a typical Saturday Night: Quanti Supplied Price Quantilg Demanded 50 $5 150 75 $10 125 100 $15 100 125 $20 75 150 $25 50 1. Graph the Supply and Demand curves for the restaurant. 2. What are the equilibrium price and quantity? Explain 3. A new apartment complex with 200 units was just completed within walking distance of the restaurant. The owners of the restaurant are condent the new residents will increase the demand for their meals. They estimate they will be able to serve 25 more meals at every price point. Add the new Demand Curve to the graph. 4. What will be the new equilibrium price and quantity after the population increase? Explain