The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood Increases by 900 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from raising the price of plywood when hurricanes threaten. Market for Plywood Initial Initial Quantity of Quantity of New Quantity Plywood Plywood of Plywood Price Demanded supplied Demanded dollars) sheets) (sheets) (sheets) $10 4,800 2,708 5,700 11 4,700 2,980 5,600 12 4, 680 3,108 5,500 13 4,500 3,300 5,400 14 4, 480 3,508 5,300 15 4, 380 3,708 5,200 16 4, 200 3,980 5,100 17 4,180 4, 106 5,006 18 4,090 4,300 4,900 19 3,900 4,509 4,800 20 3, 800 4,790 4,700 3,780 4,908 4,600 Instructions: Enter your answers as a whole number. 3. When there are no hurricanes threatening Florida, and without the "price gouging" law in place. what are the equilibrium price and quantity In the plywood market? P=$ Q =[ sheets b. When hurricanes threaten Florida, and without the "price gouging" law in place. what are the equilibrium price and quantity in the plywood market? P=$ Q = sheets . When hurricanes threaten Florida, and with the "price gouging" law in place, what are the market price of plywood, the quantity demanded of plywood, and the quantity supplied of plywood? P= $ sheets Qs= sheets d. If the "price gouging" law goes into effect, the result of the law during hurricane season will be to create a O shortage of 700 sheets of plywood. O shortage of 900 sheets of plywood. surplus of 900 sheets of plywood O surplus of 700 sheets of plywood