The table below shows the total demand and supply for bushels of wheat per month. Demand ('000) 85 80 75 70 65 60 Price per bushel ($) 3.40 3.70 4.00 4.30 4.60 4.90 Supply ('000) 72 73 75 77 79 81 Required: (1) Explain what is the situation that arises when the product price is $3.40 and $4.90? (5 marks) (ii) There has been discussion being raised "Surpluses drives prices to go up meanwhile shortages drives the prices to go down. What is your perspective on this statement? Do you agree? (5 marks) (111) The government concluded to establish a price ceiling for bushels of wheat at $3.70. Explain the effect of such action by the government. (4 marks)