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# of office visits requested Fee per visit w/primary care physician ($) # of appointments offered Surplus(+) or deficit(-) of appointments

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85 $ 34.00 72

80 $ 37.00 73

75 $ 40.00 75

70 $ 43.00 77

65 $ 46.00 79

60 $ 49.00 81

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Suppose total demand for office visits with a primary care physician and total supply of available appointments per day in a community are as shown in the table.

a. What is the equilibrium price? What is the equilibrium quantity? Fill in the surplus /deficits amounts.

b. Graph the demand and supply and label the axes. Indicate equilibrium price and quantity.

c. Given a surplus of quantity supplied, is price above or below equilibrium? Given a shortage, is price above or below equilibrium? How is equilibrium restored given a surplus? A shortage?