**Problem:** Given a table of prices with corresponding quantities supplied and demanded, calculate quantities demanded and supplied at specific prices and identify surplus, shortage, or equilibrium for each. 1. **At Price $P=8$:** - Quantity demanded ($Q_d$) = 2 - Quantity supplied ($Q_s$) = 8 - Surplus/Shortage = $Q_s - Q_d = 8 - 2 = 6$, so there is a **surplus of 6 units**. 2. **At Price $P=6$:** - Quantity demanded ($Q_d$) = 10 - Quantity supplied ($Q_s$) = 10 - Surplus/Shortage = $10 - 10 = 0$, so the market is in **equilibrium**. 3. **At Price $P=5$:** - Quantity demanded ($Q_d$) = 13 - Quantity supplied ($Q_s$) = 13 - Surplus/Shortage = $13 - 13 = 0$, so the market is in **equilibrium**. 4. **At Price $P=3$:** - Quantity demanded ($Q_d$) = 18 - Quantity supplied ($Q_s$) = 15 - Surplus/Shortage = $15 - 18 = -3$, so there is a **shortage of 3 units**. **Elasticity Types and Demand Curves:** 1. **Perfect Elastic:** Demand curve is horizontal, quantity demanded changes infinitely with price change. 2. **Perfect Inelastic:** Demand curve is vertical, quantity demanded does not change with price. 3. **Fairly Elastic:** Demand curve is downward sloping but relatively flat; quantity demanded is sensitive to price. 4. **Fairly Inelastic:** Demand curve downward sloping but steep; quantity demanded is less sensitive to price. 5. **Unit Elastic:** Demand curve where percent change in quantity equals percent change in price. **Total Revenue Maximized:** - Total revenue is maximized at **Unit Elastic** demand because the proportional change in quantity demanded exactly offsets the price change. Hence, answer to (vi) is: **Unit Elastic**.