Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 140 500 1500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 (i) Draw the market equilibrium for Ice cream....

Price per Ice-cream (Rs.)    Demand for Ice cream (Qd)   Supply for Ice cream (Qs)

140                                                 500                                               1500

120                                                 750                                               1200

100                                                 1000                                              1000

80                                                   1250                                              750

60                                                   1500                                              600

40                                                   1750                                              300

(i)         Draw the market equilibrium for Ice cream.

(ii)        Find out equilibrium price and quantity.

(iii)       Is there surplus or shortage in the market at price Rs.40? At price Rs.120?

(iv)      What is the maximum price that consumer is willing to pay for 1500 bottles?

(v)       What is the minimum price that producer is willing to accept for 1500 bottles?