Please Advise

B. Competitive Equilibrium in the Market for Bread The demand and supply schedules for bread are each linear and shown in the table as D1 and S1. Price is number of dollars per loaf ofbread. Quantity demanded and quantity supplied are millions of loaves per week Price (P) Quantity Demanded (D1) Quantity Supplied (S1) Quantity Supplied (S2) 5 0 60 4 10 40 3 20 20 2 40 10 1 (total 5 points1 point each for BI, B2, B3, B4, BS B1. Draw the demand curve and the supply curve on the same diagram. Be sure to label the axes and the curves, Label the price P, the demand curve D1, and the supply curve S1. For each of the ve prices in the table, show the price, quantity demanded, and quantity supplied. B2. What is the equilibrium price? What is the equilibrium quantity? Explain your answers. B3. Suppose price is $4. Is that the equilibrium price? If so, why? Ifnot, why not? And then what makes price change so that it reaches equilibrium? Explain your answers. B4. Suppose that there is an outward shift in the supply curve of bread, so that, at any price shown in the table, quantity supplied increases by 30 million loaves, resulting in supply curve S2. Insert the ve entries under Quantity Supplied (S2), thus completing the table. In your diagram, draw the new supply curve and label it appropriately. What is the new equilibrium price and quantity? Explain your answers. B5. What makes the original equilibrium (per BZ) change to the new equilibrium price and quantity? Explain your