Question 4. The following table is a demand and a supply schedule for flashlights. Quantity Quantity Price Demanded Supplied AED 1000 units)|1000 units Per Month Per Month 14 2 2124 3 10 6 4 8 8 5 6 10 Using the table above, respond to the following: (7 Marks) a. Plot the demand and supply curves for the flash lights market and label the axes and each curve. (2 marks) b. On the graph, show where the equilibrium price and quantity. (1 mark) c. What is the equilibrium price? (0.5 marks) d. What is the equilibrium quantity? (0.5 marks) e. At the equilibrium price, is there a surplus or shortage and how much is it. Zero (1 mark) f. At price AED 2, answer the following: (1.5 marks) 1. Is there a surplus or shortage (0.5 marks) 2. From question 1 above, how much is this surplus or shortage? (0.5 marks) 3. In this case, will the price increase or decrease? (0.5 marks) g. At price AED 5, answer the following: (1.5 marks) 1. Is there a surplus or shortage? Surplus (0.5 marks) 2. From question 1 above, how much is this surplus or shortage? 10-6=+4 (0.5 marks) 3. In this case, will the price increase or decrease? Decrease (0.5 marks)