Hi, I am in the middle of the exam, please give me just a quick answer, no need for an explanation. Thank you!!!Question 15 Demand and supply schedules for gasoline below (all quantities are in thousal Not yet Time left 1:21:18 answered per week) Marked out of 10.00 According to the information in the table below answer questions Flag question Price per supplied galloon Quantity demanded Quality supplied O 3 CO CJ1 1. The point of equilibrium is P = Q = 2. At a price of $6 per gallon, would there be a surplus or shortage of gasoline? How much would the surplus or shortage be? 3. Suppose the quantity supplied decreased by 2,000 gallons per week at each price for prices between $4 and $8 per gallon. At prices, less than $4 per gallon the quantity supplied becomes zero, while the quantities demanded to retain the values shown in the table. The new point of equilibrium is P = Q = 4. In a new situation on the market at a price of $4 per gallon, would there be a surplus or shortage of gasoline?Question 16 Suppose you are told that an invasion of pod-crunching insects has gobbled up half the crop of fresh Not yet peas, and you are asked to use demand and supply analysis to predict what will happen to the price answered and quantity of peas demanded and supplied. Marked out of Describe your ideas 10.00 Flag question A * B = E E