The following table sets out the demand and supply schedules for roses on a normal weekend. 5 Price (dollar per rose) Quantity demanded (per week) Quantity supplied (per week) 6.00 15 5 ,7.00 12 7 ,8.00 9 9, 9.00 6 11, 10.00 3 13

(i) Draw the demand curve and supply curve of rose market in a diagram. (ii) What is the equilibrium market price and quantity traded? Explain the equilibrium process. (iii) Rose sellers know that Valentine Day is next week, so they withhold supply of 5 roses at each price in this week. What is the equilibrium price and quantity traded in this week? Explain with the help of diagram. (iv) On Valentine Day, demand increases by 10 roses at each price and supply increases by 5 roses (those withhold last week) at each price. What is the equilibrium price and quantity traded in this week? Explain with the help of diagram.