DEMAND & SUPPLY 1. Given the following scenarios, explain with the aid of a diagram, the effects of current COVID-19 surge on equilibrium price and quantity in the specied competitive market. (15 marks) a) The market for hand sanitizers. b) The market for laptops & tablets. c) The market for home ofce imiture. 2. Suppose the demand & supply for the market for donuts is given by the following equations: QD = 200 20 P & Q; = 30P 50 where P is the price per unit. of donuts, QB is the quantity demanded for donuts and OS is the quantity supplied. a) Calculate the equilibrium price & quantity. (8 marks) b) Suppose the government institutes a price floor of $4.00, explain and illustrate the effects in the market. (4 marks) c) Calculate the consumer surplus at market price $4.00. (4 marks) d) Calculate the producer surplus at price $4.00. (4 marks)