Unit 1 Directions: Be sure you You may handwrite your answers and take a picture Q1 The following table gives the daily supply and demand for hot dogs at a sporting event: Price, $ Quantity Quantity demanded supplied 2.10 800 7,200 1.80 1,600 4,800 1.60 2,400 2,400 1.40 3,200 800 1.20 4,100 200 a. Draw the Supply and Demand Curve b. Identify the Equilibrium points on the graph and below (hint you must have two variables) and tell me why it is the e point in your words. Why? c. Draw on the graph and explain what happens if price goes up to 2. 10. Identify if you have a surplus or shortage and the amount short or surplus