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Question: the data given below represent the demand schedule and the...

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The data given below represent the demand schedule and the supply schedule of a certain commodity. Based on the information given in the demand schedule and the supply schedule, answer g questions 1, 2, 3, and 4, properly. Price $7.20 7.00 6.80 6.60 6.40 6.20 6.00 5.80 Qd 10 15 20 25 30 35 Qs 35 30 25 20 15 10 45 1. 2. 3. 4. Sketch the demand and the supply schedules on graph paper. Label the Pe and the Qe properly. Determine the equilibrium price. Use the surplus and shortage columns for illustration. Is a price of 6.80 an equilibrium price? If yes, why and if not why not? Is a price of $ 6.20 an equilibrium price ? If yes, why and if not why not?
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