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The demand and supply for cold drinks at a tennis tournament is given in the following table. Price ($) Quantity demanded | Quantity supplied 600

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The demand and supply for cold drinks at a tennis tournament is given in the following table. Price ($) Quantity demanded | Quantity supplied 600 160 N 550 220 w 500 280 450 340 400 400 350 460 300 520 250 580 200 640 (a) Draw the supply and demand curves on a graph. Be sure to add a title and to label the axes appropriately. (3 marks) (b) Determine the price, the quantity of drinks sold and the revenue received at the equilibrium price. (1 mark) (c) On a particularly busy day, the demand for drinks goes up by 200 at all price points. Draw the new demand curve on the same axes as the original. (2 marks) (d) From this new demand curve determine the new equilibrium price, quantity and revenue. (1 mark)

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