Question: 2: The table below shows information on the demand and supply for acoustic guitars, where the quantities of guitars are measured in tens of thousands.

2: The table below shows information on the demand and supply for acoustic guitars, where the quantities of guitars are measured in tens of thousands. Pric e Quantity Demanded Quantity Supplied $310 50 26 $350 40 28 $380 32 32 $410 28 56 $440 24 70 Table. Demand and Supply for Acoustic Guitars. 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 quanitity?

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