Question 6 The table below gives us the demand and supply schedules for a baseline case. A) Find the baseline equilibrium price and quantity B) Suppose quantity supplied decreases by 80 lbs for each price. Make new supply schedule, compare it with the demand schedule to find the new equilibrium price and quantity. C) Graphically show the baseline and the new equilibrium Suhh Benchmark Equilibrium: Price and Quantity I Q d Benchmark Qs Benchmark 750 540 3.2 700 600 3.4 650 650 3.6 620 700 3.8 600 720 590 730