the following table, shows a market for a product that has significant social benefits. Quantity Demanded Quantity Supplied a. b. C. Price $16 12 8 4 2 20 30 45 25 35 70 55 40 25 20 What would the equilibrium price and quantity be? Suppose the price is currently at $2. What problem would exist in the economy? What would you expect to happen to price? Suppose the price is currently $12. What problem exists in the economy? What would you expect to happen to price? Using the midpoint method, calculate the price elasticity of demand if price changes from $12 to $16. Is this elastic or inelastic? e. A government subsidy is given to consumers that increases quantity demand by 25 units at each price. What is the new equilibrium price and quantity?