Part I: Equilibrium identification Directions: Use the graphs to answer the questions that follow. Cups of Coffee $6 54 Price 53 Demand $2 Supply $1 SO R 100 150 200 250 Quantity 1. According to the graph above, what is the equilibrium price? 2. According to the graph above, what is the equilibrium quantity? 3. If the price is $5, how many cups of coffee will consumers wish to purchase? 4. If the price is $5, how many cups of coffee will producers wish to sell? 5. Will this result in a surplus or shortage of cups of coffee? 6. If the price is $1, how many cups of coffee will consumers wish to purchase? 7. If the price is $1, how many cups of coffee will producers wish to sell? 8. Will this result in a surplus or shortage of cups of coffee