The graph below shows the daily supply and demand for air travel between New York and Los Angeles (numbers are hypothetical but representative of the route).Use this supply and demand graph to answer questions 1, 2, and 3.Note: Continue to complete questions 4 and 5!

1.Supply and demand equilibrium

a.By inspecting the graph, what are the equilibrium price and quantity of passengers traveling each day?

Average Fare in $ 1000 900 800 700 600 500 400 300 200 100 JFK-LAX Airline Traffic 4 6 8 10 12 14 Daily Passengers (in thousands) Demand Supply 16 18