Question 2 18 points Save Answer The following Demand and Supply schedules are available for Second Cup Coffee in Toronto: Price.. .. Quantity Demanded... ......Quantity Supplied ($/cup) (Per day) (Per day) $ 2.60 0 80 2.50 10 70 2.40 20 60 2.30 30 50 2.20 40 40 2.10 50 30 2.00 60 20 1.90 70 10 1.80 80 O Questions: (a) Draw a diagram of the market for "Second Cup Coffee." What is the equilibrium price and quantity of Second Cup Coffee? ( 3 marks ) (b) What are two assumptions associated with the Demand/Supply model? ( 2 marks ) (c) If Second Cup Coffee sets the price of its coffee at $2.00 per cup, is there a surplus or shortage of coffee? Please explain how the price, quantity demanded and quantity supplied will adjust in this case... ( 3 marks )