quantity supplied in r pen price 20 $ 1.00 50 $ 2.00 Supply Curve 75 5 3.00 $6.00 5.00 $5.00 $4.00 2 53.00 52.00 $1.00 20 40 60 100 Quantity quantity demand in n pens price 100 $ 1.00 60 $ 2.00 Demand Curve 35 $ 3.00 10 5 5.00 56.00 $5.00 nam $4.0D Over $3.00 $2.00 20 40 160 100 120 Quantity 1. What is the equilibrium price and quantity in the pen market above? Equilibrium Price: $2 Equilibrium Quantity: 60 in millions 6 2. What happens to the market for pens when the price of ink falls? Highlight your answer. (Hint ink is an input for manufacturing pons) The (demand/supply) curve would shift (left/right). The equilibrium price would be_ 13 would be _ (higher/lower) (higher/lower) and the equilibrium quantity