Suppose that the demand for electric fans can be written as Q^D = 60 - 4P (or, equivalently, P = 15 - 0.25Q^D), and that the supply of electric fans can be written as Q^S = 2P (or, equivalently, P = 0.5Q^S), where the price is in dollars per fan and the quantity is in terms of fans.

a. [2 points] Use the demand and supply equations to fill in the Quantity demanded, and Quantity supplied columns of the following table.

Price ($/fan)	Quantity demanded	Quantity supplied	New quantity supplied
0	60	0
5	40	10
10	20	20
15	0	30

b. [2 points] If the price were $5, how much would be the quantity demanded? How much would be the quantity supplied? How much would be sold? Would there be pressure on the price to rise or fall? Explain.

c. [2 points] If the price were $15, how much would be the quantity demanded? How much would be the quantity supplied? How much would be sold? Would there be pressure on the price to rise or fall? Explain.

e. [4 points] Use algebra to solve for the equilibrium price and quantity and show the equilibrium price and quantity on your diagram.