3) Use the information on the kumquat market in the table to answer the following questions. Price (per crate) Quantity Demanded (millions of Quantity Supplied (millions crates per year of crates per year $10 120 20 $15 110 60 $20 100 100 $25 90 140 $30 80 180 $35 70 220 a. Does the above demand and supply schedule for kumquat satisfies the law of demand and supply? Explain. (3 points) b. What are the equilibrium price and quantity? How much revenue do kumquat producers receive when the market is in equilibrium? Draw a graph showing the market equilibrium. (5 points) c. Suppose the federal government decides to impose a price floor of $30 per crate. Now how many crates of kumquats will consumers purchase? How much revenue will kumquat producers receive? Assume that the government does not purchase any surplus kumquats. On your graph from part (a), show the price floor, and the change in the quantity of kumquats purchased. (3 points) d. Suppose the government imposes a price floor of $30 per crate and purchases any surplus kumquats from producers. Now how much revenue will kumquat producers receive? How much will the government spend on purchasing surplus kumquats? (3 points)