-Suppose the Market for CD-Rs Has the Demand and Supply

Essay

$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price } \\\text { (dollars per disk) }\end{array} & \begin{array} { c } \text { Quantity } \\\text { demanded } \\\text { (millions of disks } \\\text { per month) }\end{array} & \begin{array} { c } \text { Quantity supplied } \\\text { (millions of disks } \\\text { per month) }\end{array} \\\hline 0.50 & 50 & 0 \\\hline 1.00 & 40 & 15 \\\hline 1.50 & 30 & 30 \\\hline 2.00 & 20 & 45 \\\hline 2.50 & 10 & 60 \\\hline 3.00 & 0 & 75 \\\hline\end{array}$$
-Suppose the market for CD-Rs has the demand and supply schedules shown in the table above.What is the equilibrium price and the equilibrium quantity in this market?
Suppose the current price is $2.00.What is the quantity of CD-Rs sold?
Explain.Is there a shortage or a surplus?
How big is it?
Explain.