Q-7. The following table contains demand and supply schedule for Corn. Price of Quantity Quantity Corn Demanded Supplied per (Million (Million Bushel Bushels) Bushels) $3.00 20 140 2.50 60 120 2.00 100 100 1.50 140 80 1.00 180 60 0.50 200 40 Price On a graph paper, draw the Demand and Supply curves and answer following questions: Indicate on the graph: Quantity a) Equilibrium Price = $_ Equilibrium Quantity = b) At a price that is $0.50 above equilibrium, there would be a (shortage or surplus) of how many bushels c) At a price that is $0.50 below equilibrium, there would be a (shortage or surplus) of how many bushels d) If the demand and supply were both to increase by 5 million bushels at each price, what would be the resulting: Equilibrium Price = $ Equilibrium Quantity =