Question 1 a) The table below represents the demand and supply conditions for a rice farmer. Complete the table below in the shaded column, identifying the shortage or surplus. Price in $ per Demand Supply Surplus (+); Shortage (-) (100 (IOOkg bag) (100 kg bags) (100 kg bags) Kg bags) 180 160 200 160 155 300 150 150 400 140 170 500 120 180 130 190 b) Based on your ndings in the table above, what is the market equilibrium price and quantity for rice? ANSWER b]: c) Assume the government increased the price of rice from AUD 300 to AUD 500 per 100kg bag. Examine the factors that can motivate the government to increase the price. Also explain the effects of that government legislation on the rice market. ANSWER c)