Question 3 (Government Policies and Supply) You will watch the videe \"Big Government Cheese\" (Planet Money, NPR) to answer the following question. Link: https://www.youtube.com/watch?v=LeZmbKNkuw&ab channel=NPR a) b) c) d) e) What different government interventions, discussed in the video, are utilized to increase the price of mulk? Suppose the demand and supply for milk are given, respectively, by: QP =350-50P QS =50+30P where Q 1s quantity in gallons and P is measured in dollars per unit. What 1s the equilibrium price and quantity without government interventions. The Amernican public 1s concerned about the well-being of dairy farmers and Congress responds by implementing a price support as described in \"Big Government Cheese\" (the policy tool used by Carter). The government guarantees a price of 56 per gallon of milk for US farmers. Show what this price support looks like graphically. Label the quantity purchased by consumers and the amount purchased by the government. What are total government expenditures under the program from part C? Compare consumer surplus with and without price support to determine 1f consumers are better or worse off under the policy (compare B to C). Price supports were very expensive to the US government and encouraged farmers to increase production. The cost of the dairy program in the 1983 fiscal year rose above $2.7 billion (in 1983 dollars). Show graphically how the government price support described in \"Big Government Cheese (implemented by President Jimmy Carter) affects government expenditures