Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. 
a. What is the equilibrium price and the equilibrium quantity?
b. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
c. Suppose the price is currently $2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.
Definitions:
APA
American Psychological Association, a scientific organization that also provides guidelines for writing research papers and citing sources.
Research
Systematic investigation into and study of materials and sources to establish facts and reach new conclusions.
Researchers
Individuals who conduct systematic investigations to establish facts or reach new conclusions.
Q50: Demand is said to be unit elastic
Q148: Refer to Figure 5-5. The maximum value
Q152: Suppose the incomes of buyers in a
Q202: Refer to Figure 4-18. At a price
Q256: Refer to Figure 5-3. Which demand curve
Q290: For a particular good, a 3 percent
Q321: Which of the following events would cause
Q379: Soup is an inferior good if the
Q451: Refer to Table 5-3. Using the midpoint
Q461: Which of the following events could cause