Would like to know if I did this correctly

Answer all questions (Chapter 3) 1. Use the demand and supply schedules provided below to draw the demand and supply curves for the market for TV sets. Price per TV sets ($) Quantities Demanded Quantities Supplied (100s) (100s) SO 70 0 $100 60 0 $200 50 10 $300 40 20 $400 30 30 $500 20 40 $600 10 50 $700 0 60 a. Draw the demand and supply curves on the grid below. Label the demand curve (D) and the Supply curve (S). Label the price axis using (P) and the Quantity axis (Q). P Price of TV Sets 50 700 - 10 40 400 300 200 100 10 20 30 40 50 60 70 80 90 100 Q X- axis Ge b. The market equilibrium price is $ 400 and the market equilibrium quantity is _30 TV sets. c. Assume the price of TV sets is $200. There will be a _Shortage _shortage/surplus in the market for TV sets. How will the market price adjust in this case if there are no market or government restrictions? Pet (It will increase, it will decrease, it will stay at $200). d. Assume the price of TV sets is $500. There will be a _Surplus shortage/surplus in the market for TV sets. How will the market price adjust in this case if there are no market or government restrictions? Pev (It will increase, it will decrease, it will stay at $50)