Please do worksheet\

Part II Look at the graph below. Assume that it depicts the supply and demand for wombles. 120 110 100 90 80 70 Price 60 - 2 5 6 9 10 Quantity (# x 100) Questions: Answer the questions in the spaces provided, or draw on the graph. Given the graph above, What would be the equilibrium price of wombles? What would be the equilibrium number of wombles exchanged? Using a pen in a color other than black, draw a line showing a price floor set at $70. [Don't write anything in the blank at left. ] Using the same pen, draw in dotted lines to show the quantity demanded and quantity supplied at this price. [Don't write anything in the blank at left.] What is the quantity demanded with this price floor at $70? What is the quantity supplied with this price floor at $70? Is there a surplus or a shortage with this price floor at $70? What is the (approximate) size of the surplus or shortage with this price floor at $70? If the price floor is removed, what will happen to the price of wombles? (rise, fall, or constant If the price floor is removed, what will happen to the quantity of wombles actually exchanged in the marketplace? (rise, fall, or constant) If the government established a price support at $70, instead of a price floor at that price, how many widgets would widget makers actually sell? If the government established a price support at $70, instead of a price floor at that price, how many widgets would consumers actually buy in the marketplace? If the government established a price support at $70, instead of a price floor at that price, how many widgets would the government buy? What would happen to the widgets the government would buy