Demand and Supply Price $10 $9 Quantity $8 Demanded $7 Quantity $6 Supplied $5 $4 $3 $2 $1 $0 0 1 2 3 4 5 6 7 8 9 10 Quantity A) What is the equilibrium Price and Quantity? (2 marks) B) If price were to be set at $8, would the market have a surplus or shortage, and by how much? Additionally, how much is transacted at this price? (3 marks) C) If Price were to be set at $2, how would the market have a surplus or shortage, and by how much? Additionally, how much is transacted at this price? (3 marks) D) If a quota were to be imposed on this market at a quantity of 3, what would be the subsequent price and quantity exchanged? (2 marks) E) If there were to be a quota at quantity of 8, what would be the subsequent price and quantity exchanged? (2 marks) F) If there were to be a price ceiling at $3, what is the quantity transacted and what is the amount of shortage/surplus? Also, what would be the black-market price? (3 marks) G) Assuming the market is at equilibrium, calculate the price elasticity of supply from equilibrium price and quantity to a new price of $2. What type of elasticity is present with this change? For full marks, be sure to provide %change in quantity supplied, %change in price, elasticity value, and what type of elasticity results (4 marks)