The table given below shows the Demand and Supply schedules for Rice.

Price/Unit	Demand Schedule (kg's)	Supply Schedule (kg's)
$20	100	50
$30	85	60
$40	70	70
$50	55	80
$60	40	90

Using the information given in the table above:

1. Draw the Demand and Supply Curves.
2. Determine the Equilibrium Price and Quantity.
3. What would be the Market Situation at a Price of $30? Explain.
4. Assume that the Grocery Store runs a promotion on rice by reducing the price of rice cookers. Explain the rationale behind this promotion and show the potential result on the Demand for the two products.