The accompanying table shows the demand and supply schedules for milk. Price Quantity Quantity (dollars per demanded supplied carton) cartons per day) 1 00 200 1 10 1.25 175 130 1.50 150 150 1.75 125 170 2.00 100 190 a) Plot the demand and supply curves using these schedules. What are the equilibrium price and quantity; indicate on your diagram. b) Describe with the aid of your diagram, the situation in the milk market if the price were $1,75 a carton and explain how the market reaches equilibrium. c) A severe drought changes the quantity of milk supplied by 45 cartons a day at each price. Calculate and plot the new supply schedule and indicate the new equilibrium price and quantity on your diagram. d) A news report by the American Medical Association reveals that milk has significant health benefits. How does this influence the equilibrium price and quantity in part a? Show on a diagram. e) Suppose the events in parts c) and d) occur simultaneously, what is the overall effect on equilibrium price and quantity of milk from part a? Explain