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table [ [ table [ [ Demand for lodging ] , [ ( rooms ) in ] , [ Albuquerque ] ] ,
tabletableDemand for lodgingrooms inAlbuquerquePrice,tableSupply of lodgingrooms inAlbuquerquetableSurplus orShortage Size, notjust sign.$$$$$$
a Before drawing a graph, complete the table with the size of surpluses and shortages at each price. Use the table to find the approximate equilibrium price and quantity. Is the equilibrium price $ Explain why or why not using numbers for full credit. Your explanation should include the definition of equilibrium price and specific numbers.
b Graph the Supply and Demand curves, label everything! Quantity on the horizontal and price on the vertical axis. Please use graph paper. Use your graph to find estimates of EP and EQ
c Suppose next year's Balloon Fiesta attendance is much lower than last year's. How will this affect the demand curve for rooms during the Balloon Fiesta? The supply curve? Show the impact on your graph and predict changes in equilibrium price and quantity. Summarize your predictions in a coherent sentence.
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