The data in the table above represent the market demand and supply for strawberries over a range of prices. Price (cents) Quantity Demanded Quantity Supplied (million tins/year) (million tinsiyear) 10 90 30 20 80 50 70 70 90 50 110 1. Plot on a single diagram the demand and supply curve. (4 marks] 2. What would be the excess demand or supply if price were set at 10 cent? (4 marks) 3. What would be the excess demand or supply if price were set at 40 cent? (4 marks) 4. Define the equilibrium of a market. Find the equilibrium price and quantity. (4 marks) 5. Suppose that an increase in consumers' income results in an increase of strawberries' demand. The demand of strawberries rises by 30 million tins/year at each price level. Find the new equilibrium price and quantity. (4 marks)The accompanying table shows the price and yearly quantity sold of souvenir T-shirts in the town of Crystal Lake according to the average income of the tourists visiting. Price of T Shirt Quantity of T-shirts Quantity of T-Shirts demanded when the demanded when the Average tourist income is avenge tourist income is 530,000 3.000 5,000 95 2,400 4,200 1 600 3.000 800 1,800 1. Using the midpoint method, calculate the price elasticity of demand when the price of a T-shirt rises from $5 to $6 and the average tourist income is $20,000. Also calculate it when the average tourist income is $30,000. (10 marks) 2. Using the midpoint method, calculate the income elasticity of demand when the price of a T-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Also calculate it when the price is $7. (10 marks)