-The Above Table Gives the Demand and Supply Schedules for food

question 137

Essay

$\begin{array}{ccc}\begin{array}{c}\text { Quantity demanded } \\\text { (tons of cat food per year) }\end{array} & \begin{array}{c}\text { Price } \\\text { (dollars per pound of cat } \\\text { food) }\end{array} & \begin{array}{c}\text { Quantity supplied } \\\text { (tons of cat food per year) }\end{array} \\\hline 52 & 1.00 & 15 \\46 & 1.50 & 26 \\43 & 2.00 & 34 \\40 & 2.50 & 40 \\35 & 3.00 & 44\end{array}$
-The above table gives the demand and supply schedules for cat food.If the price is $1.00 per pound of cat food, will there be a shortage, a surplus, or is this price the equilibrium price?
If there is a shortage, how much is the shortage?
If there is a surplus, how much is the surplus?
If $3.00 is the equilibrium price, what is the equilibrium quantity?
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