2. Price Support: First, watch this YouTube clip: https://www.youtube.com/watch?v=LeZrnbKNkuw Then, suppose the demand and supply for milk are given, respectively, by: Q@7 (p) =350 50p @*(p) =50 + 30p where Q is quantity in gallons and P is measured in dollars per unit. What is the equilibrium price and quantity without government interventions? a. Dairy farmers lobby Congress which responds by implementing a price support as described in \"Big Government Cheese\" (the policy tool used by Carter). The government guarantees a price (target 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. b. Compare consumer surplus with and without price support to determine if consumers are better or worse off under the policy. 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 government expenditures