Market equilibrium is one of the fundamental concepts in economics. i. Describe market equilibrium using relevant graphs and discuss market surplus and  market shortage.  (5) ii. Suppose the market for kittens from an adoption centre can be described by the  following equations:  Demand equation: Qd = 100 – 20P  Supply equation: Qs = 130 + 2P  Calculate the equilibrium price (P) and quantity (Q) of kittens. Remember that a  negative price for kittens is not allowed. How many kittens will be adopted by humans  and how many will be “strays?”

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