1. The table below displays information pertaining to the market for milk: TABLE 1 Cartons Per Day Price [dollars per carton) Quantity Demanded Quantity Supplied 1.00 200 110 1.25 175 130 1.50 150 150 1.75 125 170 2.00 100 190 In this space, please illustrate the market for milk, with both the supply curve and demand curve graphed on the same graph, making sure you label each component and put the correct variables on the x- and vaxis. The equilibrium price for milk is 5 and the equilibrium quantity of milk produced and sold in the market is ca rtons. If the market price of milk suddenly rises to $1.75, the milk market will suddenly be faced with a or excess which means the quantity equals cartons of milk. is greater than the quantity . Numericallv, the excess Now assume better feeds increase milk production. When this happens within the above milk market, the ZOOM + a. The equilibrium price for milk is $ and the equilibrium quantity of milk produced and sold in the market is cartons. b. If the market price of milk suddenly rises to $1.75, the milk market will suddenly be faced with a or excess , which means the quantity is greater than the quantity. Numerically, the excess equals cartons of milk. C. Now assume better feeds increase milk production. When this happens within the above milk market, the curve will shift to the , which will the price of milk and the quantity of milk produced and sold