The table below shows the market demand and supply for hockey sticks in Canada.

Price ($) Quantity Quantity Supplied Increase in Supply Quantity Supplied Demanded (QD1) (Qs1) of hockey sticks (Qsz) $20 180 90 $40 170 110 $60 160 130 $80 150 150 $100 140 170 $120 130 190Required: 1. Graph the supply and demand curves on the graph above. (5 marks) 2. What is the equilibrium price and quantity for hockey sticks? (2 marks) 3. Label the equilibrium point on the graph above. (1 mark) 4. Suppose that Canada is going to host the next Olympics and supply of hockey sticks increases by 30 units at every price. Complete the table above for Qp2. (2 marks) 5. Graph the new supply curve on the graph above. (2 marks) 6. What is the new price and quantity traded at the new equilibrium? (2 marks) 7. After the increase in supply would there be a shortage or surplus of hockey sticks if prices were set at $50? (1 mark)