Business, 03.09.2021 20:00 tcjet

The information given in the schedule below shows the various prices that could prevail in the market, along with corresponding quantities demanded and supplied. Draw the market. Remember to label all pertinent parts (axes, curves, equilibrium price and quantity). Price per unit QD per week QS per week
$1.00 500 million units 100 million units
$2.00 400 million units 200 million units
$3.00 300 million units 300 million units
$4.00 200 million units 400 million units
$5.00 100 million units 500 million units
1. What is the equilibrium price and quantity in the market?
2. If the price of the good is $4, would a shortage or surplus exist in the market? What would be the size of the surplus or shortage?
3. How would the price in the market change to correct the surplus or shortage?

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