Economic

A. Law of Demand and Supply. Draw a graph based on the Supply and Demand Schedule here. Price Quantity Quantity Supplied Demanded $ 15 6,000 1,000 $12 4,000 2,000 3,000 3,000 56 2,000 5,000 $3 1,000 7,000 MILK Answer the following questions. 1. What is a surplus? Using the graph that your created, what are the possible value of the surplus? 2.What is a shortage? Using the graph you created, what are the possible value of shortage? 3. Explain what equilibrium is by using the graph. 4. What will happen to the "Demand" if the price goes up? What will happen to the graph if the following situations happen