Below, you are provided with the demand and supply curves for apple juice. You will identify the equilibrium price of apple juice and the equilibrium quantity of apple juice. You will also calculate the amounts of consumer surplus, producer surplus, and total surplus that arise when the market for apple juice is in equilibrium. The graph below presents demand and supply curves for (gallons of) apple juice. {a ,_. a: Price (per gallon] -99- p\\ N $10 $8 $6 $4- $2 i i i l i i i 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Quantity of Apple juice (in gallons) Part 1: What is the equilibrium price of a gallon of apple juice? Part2: What is the equilibrium quantity of apple juice? Part 3: When the market for apple juice is in equilibrium, how much consumer surplus do consumers enjoy from purchasing apple juice? Part 4: When the market for apple juice is in equilibrium, how much producer surplus do producers enjoy from selling apple juice? Part 5 : When the market for apple juice is in equilibrium, how much total surplus is generated by the buying and selling of apple juice