The following table shows the demand and supply schedules of milk per year in the US. Quantity Demanded of Milk (millions of pints per year) Quantity Supplied of Milk (millions of pints per year) Price of Milk (per pint) $1.20 550 850 $1.10 600 800 $1.00 650 750 $0.90 700 700 $0.80 750 650 Draw the demand and supply curves and the corresponding equilibrium. b. Now, say the US government decides to safeguard the incomes of traditional dairy farmers. In doing so, the government binds the price of milk at $1 per pint. Is this policy a price ceiling or price flooring? What will be the resulting shortage or surplus from this policy? Show using a graph. a.