The following questions deal with concepts presented in chapter 4. A. Given the following information about the demand and supply of hamburgers per week at a small lunch counter, answer the following questions: Price (P) Qd as $2.00 1.75 1.50 OUT A W N NAOOOO N D 1.25 a w O W a 6 5 1.00 0.75 7 00 0.50 a. What is the equilibrium Q and P. The equilibrium quantity is 6 abd tge price is $1.00. b. Suppose the current P of a hamburger is $1.50 each. Would there be a shortage or a surplus? Circle either shortage or surplus! Surplus C. c. What would the size of the shortage or surplus be? SHOW ALL WORK. Surplus would be 6 d. d. Suppose another hamburger stand nearby goes out of business, and that an additional three buyers purchase one hamburger each at the alternative P shown above. 1. What is the new equilibrium P? 2. What is the new equilibrium Q? 3. What happen to the D-curve for this small lunch counter business? Why? B. Why do we hold prices constant when we talk about increasing or decreasing demand? C. If the cost of production increases (goes up), an all other things stay the same, what happens to the demand curve? The supply curve