The table belowshows information on the demand and supply for acoustic guitars, where the quantities of guitars are measured in tens of thousands.

1. What is the quantity demanded and the quantity supplied at a price of $310? (/2)
2. At what price is the quantity supplied equal to 480,000? (/2)
3. What trends do you observe in the quantity supplied and the quantity demanded as price increases? (/2
4. How can you determine the equilibrium price and quantity from the table above? What are the equilibrium price and equilibrium quantity? (/4)