Equilibrium (7 points) Supply and Demand Schedules for the Coffee Market. Price per Coffee Quantity Supplied Quantity Demanded Shortage / Surplus? $5 102 30 $4 84 48 $3 66 66 $2 48 84 $1 30 102 Use the information above to graph the supply and demand curves below. Draw a point and label it "E" at the point of equilibrium. What is the definition of equilibrium? Now suppose the government imposes a price floor of $4 for coffee. Draw a line across the graph at $4 and label it "price floor." What is the result f a price floor? (Shortage or Surplus?) Explain. What if the government thinks that $3 for a coffee s too high and decides to impose a price ceiling of $2 in this market. Draw a line and label it "price ceiling." What is the result in this market? (Shortage and surplus?) Explain. Suppose the price of Earl Grey tea decreases significantly. Explain what would happen to demand for coffee as a result. What is the impact on the equilibrium in the coffee market? Show the result in a graph below