Scenario: The following shows a demand and supply schedule listing CDs demanded and supplied (in the millions) per week at each price . Graph each the following demand/supply schedules on one demand graph and then answer the questions below: $6.00 5.00 Price Per Quantity Quantity Shortage/ Compact Demanded Supplied Surplus 4.00 Disc (Qs - QD) $6 9 5 3.00 4 3 4 2.00 2 6 3 1 9 0 1.00 0 1 2 3 4 5 6 7 8 10 11 12 13 14 15 a. What is the equilibrium price? b. What is the QD and QS at the equilibrium price? C. What is the surplus at $6? d. What is the shortage at $2 _ e. How does a surplus affect the price of a product? How does a shortage affect the price of a product? Changes in Demand Scenario: The following schedule shows a change in demand based on the price of a related product. The demand increased for CDs because the price of CD players dropped. Price Per Quantity Quantity Quantity Shortage $6.00 Compact Demanded Demanded Supplied OF Disc (CD Surplus 5.00 Players Players new Q0 $ 75 $50) 4.00 56 5 2 5 6 3.00 A 3 7 3 4 4 2.00 2 6 11 3 1.00 1 9 13 1 3 9 10 11 12 13 14 15