Suppose the demand schedule of sports T-shirt at UIC in 2021 is given by the equation QD=10005P, where QD is the quantity demanded and P is the price. The supply schedule of sport T-shirt at UIC in 2021 is given by the equation QS=5P200, where QS is the quantity supplied. a. (4 marks) What is the equilibrium price in this market? What is the equilibrium quantity in this market? b. (4 marks) Suppose the price is currently 100 in this market. Is there a shortage or surplus in this market, and how large is the shortage/surplus? c. (4 marks) Suppose the price is currently equal to 150 in this market. Is there a shortage or surplus in this market, and how large is the shortage/surplus? d. (8 marks) Suppose the demand curve in 2022 shifts to QS=12005P. What is the new equilibrium price and quantity in this market? Indicate the change of equilibrium point from 2021 to 2022 clearly in a graph. Suppose the demand schedule of sports T-shirt at UIC in 2021 is given by the equation QD=10005P, where QD is the quantity demanded and P is the price. The supply schedule of sport T-shirt at UIC in 2021 is given by the equation QS=5P200, where QS is the quantity supplied. a. (4 marks) What is the equilibrium price in this market? What is the equilibrium quantity in this market? b. (4 marks) Suppose the price is currently 100 in this market. Is there a shortage or surplus in this market, and how large is the shortage/surplus? c. (4 marks) Suppose the price is currently equal to 150 in this market. Is there a shortage or surplus in this market, and how large is the shortage/surplus? d. (8 marks) Suppose the demand curve in 2022 shifts to QS=12005P. What is the new equilibrium price and quantity in this market? Indicate the change of equilibrium point from 2021 to 2022 clearly in a graph