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Market researchers have studied the market for milk, and their estimates for the supply of and the demand for milk per month are as follows:

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Market researchers have studied the market for milk, and their estimates for the supply of and the demand for milk per month are as follows: Price Quantity Demanded Quantity Supplied (Dollars per gallon) (Millions of gallons) ( Millions of gallons) 10 100 500 8 200 400 6 300 300 400 200 500 100 Use the data in the preceding table to plot the demand and supply curves for milk on the following graph. Use the blue points (circle symbol) to plot the demand curve. Then use the orange points (square symbol) to plot the supply curve. Line segments will automatically connect the points. Demand -0 Supply A PRICE (Dollars per gallon) Government Price 1 Government Price 2 ONW 100 200 300 400 500 600 QUANTITY (Millions of gallons) The equilibrium market price is $ and the equilibrium quantity is million gallons of milk. Suppose the government enacts a milk price support of $9.00 per gallon. Use the green line (triangle symbol) to plot the new price line on the preceding graph. The new quantity supplied is million gallons of milk, and the new quantity demanded is million gallons of milk. This creates a of million gallons of milk. This policy helps Suppose now that the government decides to set a price ceiling of $5.00 per gallon. Use the purple line (diamond symbol) to plot the new price line on the preceding graph. The new quantity supplied is million gallons of milk, and the new quantity demanded is million gallons of milk. This creates a of million gallons of milk

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