Given the following demand and supply functions: Q= 48 - 4P Qs 4P - 16 1. Solve for the equilibrium quantity and equilibrium price. 2. Draw the supply and demand curves in a P vs Q plune. Label equilibrium price and equilibrium quantity 3. Solve for the price level where there is a shortage of 24 units. 4. Solve for the surplus if the price is set at 10. The market for hamburgers has the following supply and demand schedule: Quantity Demanded 200 hamburgers 170 145 125 110 100 I. Graph the demand and supply curves. What is the equilibrium price and quantity in Price SI 1.25 1.5 1.75 2.0 2.25 Quantity Supplied 110 hamburgers 130 145 155 160 165 this market? 2. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? 3. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

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