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Back to Assignment Attempts: 0.7 1.7 Keep the Highest: 1.7/ 2 10. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for hats. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (? 80 Market for Hats 72 Price (Dollars per hat) 40 PRICE (Dollars per hat) Supply Quantity Demanded 250 Quantity Supplied (Hats) 250 (Hats 48 24 Demand 16 0 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hats)Homework 3 72 I Price 40 (Dollars per hat) 64 A Quantity Quantity Supplied '5 56 SUPP\" Demanded 25 (Hats) 250 E (Hats) 3 4a 2 L\" 40 g + v 32 I LIJ :2) 24 Femand D. 16 I I 3 I o I : : : I : : : : o 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hats) The equilibrium price in this market is $40 per hat, and the equilibrium quantity is 250 hats bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per hat) Shortage or Surplus (Hats) Pressure 48 Surplus V D Downward v 32 Shortage v v Grade It Now Save 8: Continue Continue without saving