Use the following information to answer these questions. Columns One and Two contain quantities (in arbitrary units). Price Column One Column Two $9 $8 $7 $6 $5 $4 11 12 13 14 15. 16 15 14 13 12 11 10 A) Which column gives the demand relationship, and which gives the supply relationship? Explain. B) What is the equilibrium price? Explain. C) A price. (floor, ceiling) set at a price of $ will lead to a surplus of 2 units. D) Calculate the total revenue at the price in B) and at the price in C). For which price is revenue larger? What does your answer tell you about the elasticity of demand? Explain. 6. There are 5,000 parking spaces on SHSU's campus. Demand for parking spaces is higher during the day, when the lots are full, than at night, when you couldn't fill up the parking lots if you wanted to. Day parking privileges are granted by buying a sticker, which costs $50 per semester; anyone can park at night. A) On a single graph, draw two demand curves for parking, one for daytime, one for night. Identify on your graph the number of parking spots on campus and the $50 price. Make sure your graph is consistent with the facts above, that the parking lots are full (but not overflowing) during the day, but could never be filled up at night. B) If the price of parking stickers went down to say, $20 per semester instead of $50, what would it be likely out in the parking lots during the day; that is, what would be the consequences? Explain in words, and illustrate on the graph you have drawn. C) The university wants to increase revenue by raising the price of parking stickers to $60. Under what circumstances would that plan succeed, and when would it fail? Would you expect circumstances to be favorable or not? Why?