5. Suppose we have the demand and supply schedule for ice cream in the free market: Price Quantity Demanded(Quarts) Quantity Supplied(Quarts) $6 20 90 $4 60 60 $2 100 30 Please answer questions 5a through Se below: Sa. Draw the demand and supply curves for ice cream and label price on the y-axis and quantity on the x-axis. Label the demand curve D and the supply curve S. 5b What is the equilibrium price and equilibrium quantity of ice cream? Why? 5c. At a price of $2, do we have a shortage or a surplus of ice cream? Explain why we have a shortage or a surplus of ice cream. What will the ice cream company do to get back to the equilibrium price? 5d. At a price of $6, do we have a shortage or a surplus of ice cream? Explain why we have a shortage or a surplus of ice cream. What will the ice cream company do to get back to the equilibrium price? 5e. Calculate the consumer surplus and the produce surplus at the equilibrium price. Also, what is the total surplus at the equilibrium price? Label and shade Consumer Surplus (CS) and Producer Surplus (PS) on the graph at the equilibrium price and quantity