Price$87654321Quantity demanded56789101112Quantity supplied98765432

Instructions:Use the tools provided 'Supply' and 'Demand' to draw the supply curve and demand curve using the data in the table above. Include each price-quantity combination (i.e., each line should contain 8 reference points).

Instructions:Enter your responses as whole numbers.

a. What is the equilibrium price?

$

b. If the current price is $8,

(i) What kind of disequilibrium situation results?

(Click to select)SurplusShortage

(ii) How large is the surplus or shortage?

units

c. If the current price is $2,

(i) What kind of disequilibrium situation results?

(Click to select)ShortageSurplus

(ii) How large is the surplus or shortage?

units