QUESTION 1. Market for Apples. Suppose the total demand for apples and the total supply of apples per month are as shown in the following table. PRICE of Bushels of Apples Bushels of Apples Apples/bushel Supplied, Qs Demanded, Qd $12 4.0 7.0 $14 5.0 6.5 $16 5.5 6.2 $18 6.0 6.0 $20 6.3 5.8 1 A. Using graph paper, graph the demand for apples and the supply of apples using the data above. Be sure to label the axes and curves of your graph correctly. Label equilibrium price, Pe, and equilibrium quantity, Qe. TO include this graph in your answer pages, scan the drawing of the graph or TAKE A PICTURE and email it to yourself, then snip, copy and paste, and place it in your answer sheet. 1 B. Is there a shortage or surplus at a Price of $12.00? Explain. 1 C. Is there a shortage or surplus at a Price of $20.00? Explain