B Uveb x x E 1. Demand and Supply Functions A. Complete the demand schedule below suppose QD = 160-8P. Show your solutions. Qd P2 144 4 128 6 112 96 10 80 B. Complete the supply schedule below suppose QS = 70+7P . Show your solutions. Qs P2 84 98 00 A 112 126 10 140 2. Equilibrium price and quantity A. Solve for the equilibrium price and quantity. Use the demand and supply functions. B. What will occur in the market (shortage or surplus) if P2 is charged in the market instead of the equilibrium price? Show the amount of surpluses or shortages. C. What will occur in the market (shortage or surplus) if P10 is charged in the market instead of the equilibrium price? Show the amount of surpluses or shortages. D. Plot the demand and supply curve on the same graph. Graphically show the equilibrium price and quantity. Label your graph