Learners Midterm Assessment Direction: Apply what you have learned about demand. supply and equilibrium. Problem: Below is a hypothetical schedule of demand and supply of rice produced by ABC Company. Answer the following questions using as guide the given schedule: Price/sack Number of Sack of rice Number of sack of rice Demanded/Month Supplied lMonth \" 000000 _- 100.000 20,000 m 80.000 40.000 Iran -_ Questions: 1. Draw in one graph the demand and suppty curves for the sack of rice produced by ABC Company. 2. What is the equilibrium price? At this price, what is the number of sack of rice demanded and supplied per month? Explain your answer. 3. At P400 price per sack what will be the demand and supply of rice produced by ABC Company? Will there be a surplus or shortage of supply? Expiain your answer. 4. At P1000 price per sack what will be the demand and supply of rice? Will there be a surplus or shortage of supply? Explain your