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?

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