Use the following info on the supply and demand for ballpoint pens for parts a - d. Price ($) QD QS 1.20 6 18 1.00 8 16 .80 10 14 .60 12 12 .40 14 10 .20 16 8 a. What is the equilibrium price and quantity? b. IF the price were $.40, would there be a shortage or a surplus? ...of how many pens? ...what would suppliers do in reaction? c. IF the price were $1.00, would there be a shortage or a surplus? ...of how many pens? ... what would suppliers do in reaction? d. IF consumer income were to increase (assuming pens to be a normal good), what would happen to the equilibrium price? (increase, decrease or stay the same)