The table below shows the demand and supply of coats in Small town

The table below shows the demand and supply of coats in Small Town. 1. Graph the demand and supply curves. a. What is the equilibrium price of Coats? Will a shortage or surplus of coats occur? What does equilibrium mean? b. At what price will the most coats be sold? c. The mayor of Small Town, in order to "help the poor by making coats cheaper," impose a price ceiling of $40. How many coats will be bought and sold? Will a surplus or shortage of coats occur? d. The mayor of Small Town, in order to "help protect our coat industry," imposes a price floor of $80 instead. How many coats will be bought and sold? Will a shortage or surplus of coats occur? Table Quantity of Coats Quantity of Coats Price Demanded (per day) Supplied (per day) 80 50 110 70 60 90 60 70 70 50 80 50 40 90 30