Question: Use the supply and demand schedule below to answer the following questions: Price Quantity Demand Quantity Supplied $15 80 40 25 70 50 35 60

Use the supply and demand schedule below to answer the following questions:

Price Quantity Demand Quantity Supplied
$15 80 40
25 70 50
35 60 60
45 50 70
55 40 80

a. What is the market equilibrium price and quantity?

b. If there is a shortage of 20 units, what is the market price?

c. c. At a price of $45, the market experiences a surplus of how many units?

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