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Section ("- Demand / supply model Econ 1034 Bonus Assignment Demand/Supply. Questions 1) Consider the following demand/supply schedules for cases of (24) Pepsi@ in a. small city... Price (P) Quantity Quantity ($/case) Demanded Supplied Surplus/Shortage (Qs/month) (Qs/month) $10.00 0: 1000 9:50 100 900 9.00' 200 800 8.50 BOD 700 8:00 400 600 7.50 500 500 7.00 600 400 6.50 700 *300 6.00 800 200 5.50 900 100 5.00 1000 -Questions: (a) Draw a diagram of the market for cases of Pepsi, including both the demand and: supply curves. (b) What is the equilibrium price and quantity of Pepsi in this market? (c) Fill in the surplus/shortage column on the right-hand side of the chart. (d) Suppose that grocery stores in this city are currently selling Pepsi for $8.50/case. What is the condition of the market at this price, and what adjustments will take place? Explain.(d) Suppose that grocery stores in this city are currently selling Pepsi for $8.50/case. place? Explain. What is the condition of the market at this price, and what adjustments will take (c) Suppose that each of the following changes take place, ceteris paribus. For each change, draw a separate demand/supply diagram that illustrates how the - equilibrium price and quantity will be affected... () There is a decrease in the price of Pepsi, all else equal (ii) There is a decrease in the price of Coca-Cola, all else equal (ii) Consumer incomes increase, all else equal (iv) Electricity prices increase for PepsiCo, the company that produces Pepsi. (y) PepsiCo acquires new machinery that is able to can soft drinks more quickly. ( F) using a written explanation . and diagrams ,. explain the difference between a " change in Quantity demand " and " a change in demand.&quot