Check my work mode : This shows what is correct or incorrect for the work you have completed so fa r. It does not indicate completion. Return to questl n I ............................ A ' The table below shows the market demand and supply schedules for baseball caps. (s) _ (1) (2) (3) (4) (5) NEW Quantlty (7) (5) Price Quantity Demanded Quantity Supplied surplus (+) or Effect on Demanded New Surplus (+) New Effect on (S per cap) (caps per week) (caps per week) Shortage (-) Price (caps per week) or Shortage (-) Price o o a. Complete columns [4) and (5) in the accompanying table. To snow a shortage enter a minus sign before your numerical response. b. Draw a graph showing the demand and supply curves Do and 5. Plot only the 2 endpoints ohe demand curve D0, supply curve 5, and demand curve D1for part (9), Plot 6 paints in iatal in the graph Your Graph Score: 0% Check my work mode : This shows what is correct or incorrect for the work you have completed s Market Demand and Supply for Baseball Caps 6 Do D1 5 4 S Price ($ per cap) 3 2 0 100020003000400050006000700080009000 Quantity (caps per week) \\..IIEI|JLI:'I L'UEIIIGIIU or Iu supply u aavw neup auve Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 6 Quantity (caps per week) 10 points c. The equilibrium price in this market is $ . Only this price meets the conditions of equilibrium, because it is the only price at which there is neither a shortage nor surplus O. d. Suppose demand in this market changes so that 5000 caps are demanded at a price of $6.00. 6,000 are demanded at $5.00. 7,000 at $4.00. 8,000 at $3.00, and 9,000 at $2.00 as shown in column (6}. This represents a(n) increase a in demand. and on a graph would be shown by a rightward 0 shift in the demand curve. e. Based on the new values in column (6} of the table, fill out columns (7) and (8}, showing the effects of the chang in part (d) and draw the new demand curve D1 in your graph. The new equilibrium price is $