1. Buddy's Cookies sells boxes of gourmet chocolate chunk oatmeal cookies. The demand function for Buddy's Cookies is given by D(p) = -65p + 560 and the corresponding supply function is given byS(p) = 35p +20, where p is the cost of a box of cookies.

1. Find the market equilibrium, and explain your values in the context of the problem.

If boxes of cookies sell for $4.55, will there be shortage or a surplus? Explain