QUESTION 1: Choose any product or service market.

Create the demand and supply schedule of the selected market by filling out the table below:

Prices	Qd	Qs

(a) What is the market equilibrium price and quantity in your selected market?

(b) Pick a price so that there will be a market shortage, and find the shortage amount

(c) Write one example factor that could increase the demand and decrease the supply.

QUESTION 2: Using the filled table above,

1. calculate just one PED.
2. Is the demand elastic or inelastic?
3. Based on your answer to c) what price change would you recommend to increase TR?