Best friends Scott Baio and Willie Aames decide to open up a movie poster shop in downtown Los Angeles. The following relationships describe the supply and demand for movie posters:

Qd = 65,000 - 10,000P

Qs = -35,000 + 15,000P

Where Q is the quantity and P is the price of a movie poster in dollars.

(a) Complete the following table (Find Qs, Qd, Qs-QD and Surplus/Shortage):

Price Qs Qd Qs - Qd Surplus/Shortage

$6.00

$5.50

$4.50

$4.00

$3.50

$3.00

$2.50

(b) What is the equilibrium price? (1 point).