Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8,000 6,400 $2.80 7,500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 A lоw-incоme cоuntry decides to set а price ceiling on breаd so they cаn make sure that bread is affordable to the poor. The conditions of demand and supply are given in the table above. What are the equilibrium price and equilibrium quantity before the price ceiling? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling is set at $2.40? The equilibrium price is [price] and the equilibrium quantity is [quantity1]. A price ceiling of $2.40 would create a shortage of [quantity2]. (Answers must be in the EXACT same format as in the table above to be counted correct. Must include the $ before the price with two digits after the decimal, and the quantity must include the thousands comma.)