Part II. Short Answers (Each Question = 10 Marks) Q-7. The following table contains demand and supply schedule for Corn. Price of Quantity Quantity Corn Demanded Supplied per (Thousands (Thousands Bushel Bushels) Bushels) $3.40 285 260 3.70 280 265 4.00 275 275 4.30 270 280 Price 4.60 265 285 4.90 260 290 On a graph paper, draw the Demand and Supply curves and answer following questions: Quantity Indicate on the graph: a) Equilibrium Price = $ Equilibrium Quantity = b) At a price that is $0.70 above equilibrium, there would be a (shortage or surplus) of how many bushels c) At a price that is $0.30 below equilibrium, there would be a (shortage or surplus) of how many bushels d) If the demand and supply were both to increase by 5 thousands bushels at each price, what would be the resulting: Equilibrium Price = $ Equilibrium Quantity =