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% : 3G Cramo Question 18 mark) Depending on the table below, answer the following questions(4 marks) Price Quantity demand Quantity supply 5 60 20 10 60 40 15 60 50 20 60 60 25 60 80 30 60 90 1. Draw the demand and supply curve (in the same diagram) 2. Determine the equilibrium price and quantity 3. At price equal 25, determine the surplus or shortage in quantity demand? 4) If the cost of production increase, what happen for the equilibrium price and quantity? Show by graph? Question 2 (2mark) explains why a production possibilities curve is often represented as concave (bowed out) from the origin