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2. Construct and label market-supply and market-demand curves. 3. Determine and indicate the equilibrium price and the equilibrium quantity. 4. What happens to the market if the price sets at $1? Determine the amount of shortage or surplus.Task 1: Illustrate the market demand, supply and equilibrium graphically. (5pts) 1. The following table shows the weekly demand and supply schedules for various individuals. Fill in the total market quantity that these individuals demand and supply. Price $4 $3 $2 $1 Buyers Ali's quantity demanded 2 13 a Betsy's quantity demanded 2 12 12 3 Casey's quantity demanded 2.5 3 3.5 Total market quantity demanded Sellers Alice's quantity supplied 8 13 2 Breck's quantity supplied 15 4 John's quantity supplied 3 Connie's quantity supplied 6 5 o Total market quantity supplied