Explanation needed if possible

09 Question (4 points) See page 201 The table below shows the demand and supply schedule for chocolate. Use the information to answer the questions that follow. Price Quantity Supplied Quantity Demanded (per pound) pounds) (pounds) $7 180 30 $6 70 45 $5 60 160 $4 50 75 $3 40 90 $2 30 105 $1 20 120 1st attempt Part 1 (1 point) See Hint The equilibrium price is $ per pound. Part 2 (1 point) See Hint Suppose that after a successful lobbying campaign by chocolate producers, the government imposes a price floor of $7 per pound. The price floor will lead to a surplus of pounds of chocolate. Part 3 (1 point) See Hint After a few years, chocolate producers are not happy. They realize that compared to the market equilibrium, their total revenue has fallen by $ Part 4 (1 point) See Hint To compensate the chocolate producers, the government agrees to buy the entire surplus chocolate at the $7 price floor. Chocolate producers rejoice. Compared to the market equilibrium, their total revenue has now increased by $