ECO 2301 MACROECONOMICS I FALL 2023 NAME OF THE STUDENTS : TEAMWORK Applications of Supply and Demand Problem Set PROBLEM 1 1. The graph below shows the supply and demand curves for burritos. 13- 12- 11- 10 Demand Price of Burritos ($) Price Ceiling Supply 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Quantity of Burritos D2 1. What is the equilibrium price and quantity? Suppose that the demand and supply curves equations are linear. 2. Compute the demand equation. 3. Compute the supply equation.What are the limits of this linear form of the demand and supply equations? (DYOR: Do Your Own Research) 5. Analyze the market when the price is set at $2. 6. Analyze the market when the market is set at $8. 7. After giving the definition of the demand and supply schedule; determine the demand and supply schedule for the following prices going from $0 to $8. P 2 3 5 6 7 8 Os Qd 8. Calculate the CS, PS and TS when the price is equal $5 9. What is the effect on the equilibrium price when there is a rightward shifting in the demand curve? 10. Find the equation of the new demand curve Page 2 sur 611. What is the new equilibrium price and quantity after the rightward shifting? 12. Calculate the new CS, PS and TS when the equilibrium price is $7