2. Using the schedules given, plot the demand curve and the supply curve on the below graph, Then answer the questions. $3 $2 $1 0 Pce/kg $1.00 $1.50 $2.00 $2.50 $3.00 1kg 2kg (Corn: thousands) Quantity Demanded 3000 2225 1500 1000 500 ( a) Give the equilibrium price and quantity for corn. 3kg Quantity Supplied 500 1000 1500 2000 2500 (b) Indicate the equilibrium price and quantity on the graph by drawing lines from the intersection of the supply and demand curves to the price and quantity axes. (c) At a price of $2.50 would a surplus (excess supply) or shortage (excess demand) exist