1. Based on the following functions for demand and supply, compute the demand and supply schedules: (Show your solution). Determine the amount of surplus/shortage at each price level and complete the table below. A. Qd = 500 - 20P, Qs = 50 + 10 P Quantity Supplied Quantity Pressure on Surplus (+) Shortage () Price (P) Demanded Price 5.00 10.00 15.00 20.00 25.00

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