B. (11 marks) Suppose the market for Blu-rays has the demand and supply schedules shown in the table below. Price (dollars per disk) Quantity demanded (millions of disks per month) Quantity supplied (millions of disks per month) 10.50 50 0 11.00 40 15 11.50 30 30 12.00 20 45 12.50 10 60 13.00 0 75 1. What is the equilibrium price and the equilibrium quantity in this market? 2. Suppose the current price is $12.00. What is the quantity of Blu-rays sold? Explain. Is there a MBAB 5P03 3 October 19, 2018 shortage or a surplus? How big is it? Explain. 3. Suppose a technological advance increases the quantity of disks supplied at each price by 25 million. What is the new equilibrium price and the new equilibrium quantity of Blu-rays