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Create a demand and supply curve using the demand supply schedules provided and then answer the questions 2 00 160 1/40 1.20 1.00 800 850 860 700 800 Quantity 1. What is the equilibrium price for milk according to the schedule and economic model? How do you know? 2. What would happen if the government set a price ceiling on milk of $1.20 a gallon? Explain 3. Farmers invent technology that will double the the amount of milk collected. Draw a new supply curve showing how this new technology affects supply and label it $1. If demand stays the same, what will happen to the price of milk?damn ind in Price (in Dollars) 100 1. What is the equilibrium price for these jeans? Quantity (in 100s) 2. What are some factors that could directly affect the supply of these jeans? 3. A serial killer is on the loose and the one thing all the victims all have in common is that they were wearing Aeropostale jeans when they were murdered. How might this news affect the demand for these jeans? Draw a new demand curve and label it D1. If the supply stayed the same, how would this change in demand affect the price for the jeans?12.00 10.00 9.00 Price (in dollars) 6.00 4.50 3.00 $12:60 1.00 10 12 20 15 Quantity 1. What is the equilibrium price for the Whipples? How do you know? 2. Word spreads across the galaxy about the Amazing Whipples, as a result, huge amounts of interstellar visitors stop by Earth just to get their Amazing Whipple. How does this affect the demand of the Whipples? Draw another demand curve and label it D1. How does this affect price? 3. Is the demand for Amazing Whipples elastic or inelastic? How do you know? Explain