Given the following demand and supply equations, Qd = 50 − 2P and Qs = 30 + 3P, create a demand schedule and a supply schedule for prices ranging from 1 to 5.

For $P=1$:
$Q_d = 50 - 2(1) = 48$
$Q_s = 30 + 3(1) = 33$

For $P=2$:
$Q_d = 50 - 2(2) = 46$
$Q_s = 30 + 3(2) = 36$

For $P=3$:
$Q_d = 50 - 2(3) = 44$
$Q_s = 30 + 3(3) = 39$

For $P=4$:
$Q_d = 50 - 2(4) = 42$
$Q_s = 30 + 3(4) = 42$

For $P=5$:
$Q_d = 50 - 2(5) = 40$
$Q_s = 30 + 3(5) = 45$

The equilibrium price is \boxed{4}$.

The equilibrium quantity is $\boxed{42}$.

At $P=2$, $Q_d = 46$ and $Q_s = 36$. Since $Q_d > Q_s$, there is a shortage.

The distance between the supply curve (at $Q_s=36$) and the demand curve (at $Q_d=46$) at this price represents the shortage.

At $P=5$, $Q_d = 40$ and $Q_s = 45$. Since $Q_s > Q_d$, there is a surplus.

The distance between the demand curve (at $Q_d=40$) and the supply curve (at $Q_s=45$) at this price represents the surplus.