Below are supply and demand schedules for calzones at a local pizzeria. Use the information in these tables to answer the following five questions.
Demand
P: $13 $12 $11 $10 $9 $8 $7 $6 $5 $4
Q: 20 40 60 80 100 120 140 160 180 200
Supply
P: $4 $5 $6 $7 $8 $9 $10 $11 $12 $13
Q: 10 20 30 40 50 60 70 80 90 100 110
1. What is the equilibrium price?
2. At what price is there a shortage of 60 calzones?
3. At what price is there a surplus of 60 calzones?
4. At a price of $13, there is a surplus of how many calzones?
5. At a price of $10, there is a shortage of how many calzones?