Price per dozen bagels 1. Use the graph below to answer questions: $4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 D S 0.50 0.00 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Quantity (thousands of dozens per month) a. At a price of $1.50 per dozen, how many bagels are demanded per month? At a price of $1.50 per dozen, how many bagels are supplied per month? Is there a shortage or surplus? b. At a price of $3.00 per dozen, how many bagels are demanded per month? At a price of $3.00 per dozen, how many bagels are supplied per month? Is there a shortage or surplus? c. What is the equilibrium price of bagels? What is the equilibrium quantity per month? d. If there is a government intervention in the market such as price floor or ceiling, what will happen to the equilibrium price and quantity?