Solve the following problems: 1. (10 points) Following is the demand and supply estimates (in metric tons) for a particular product for next five years: Year Demand Supply Minimum Likely Maximum Likely Maximum 60.00 62.00 64.00 60.00 61.00 62.05 63.00 64.50 62.00 62.05 64.25 64.70 66.25 62.50 64.00 65.07 65.85 67.25 63.00 66.00 66.80 68.05 69.20 64.50 68.00 Calculate for each year; (a) Maximum demand surplus (b) Minimum demand surplus (c) Likely demand surplus Answers