Price Quantity demanded (dollars per pound of cat Quantity supplied (tons of cal: food per year) food) (Inns of cat food per year) W 46 1.50 26 43 21X) 34 40 2.50 40 35 311} 44 7) The above table gives the demand and supply schedules for cat food. If the price is $3.00 per pound of cat food, will there be a shortage, a surplus, If there is a shortage, how much is the shortage? If there is a surplus, how much is the surplus? 8) The above table gives the demand and supply schedules for cat food. What is the equilibrium price and quantity? Price (dollars per HD TV) Price (dollars per HD TV) S D2 DI D D 2 Quantity (TVs per month) Quantity (TVs per month) Figure A Figure B Price (dollars per HD TV) Price (dollars per HD TV) SI $2 52 S D Quantity (TVs per month) Quantity (TVs per month) Figure C Figure D