Problem 3: Supply and Demand Schedules (4 points) The table below shows the supply & demand schedules for cupcakes. Supply and Demand Schedules for Cupcakes Price ($) $ 13 5 Quantity 20 16 14 Demanded 12 10 Quantity supplied 2 a. The equilibrium price is $ and equilibrium quantity is cupcakes. b. If the price of cupcakes changes to $5, the new quantity supplied is cupcakes and quantity demanded is cupcakes. c. At a price of $5, what type of disequilibrium situation exists, and what is its magnitude? There will be a [ Select ] of [ Select ] units. d. At a price of $5, how will the market return to equilibrium? There will be [ Select ] pressure on price. Price will [ Select ] v , which will [ Select ] quantity supplied and [ Select ] quantity demanded. This will continue until the market returns to equilibrium