Market researches have studied the market for milk,and their estimates for the supply of and the demand for milk per month are as follows: a.Using the data,graph the demand for and the supply for milk.Identify the equilibrium point as E,and use dotted lines to connect E to the equilibrium price onthe price axis and the equilibrium quantity on the quantity axis. b.Suppose the government enacts amilk price support of $8per gallon.Indicate this action on your graph,and explain the effect on the milk market?Why would the government establish such a price support? c.Now assume the government decides to set a price ceiling of $4 dollar per gallon.Show and explain how this legal price effects your graph of the milk market.What objective could the government be trying to achieve by establishing such a price ceiling?
Research activities performed to discover the the needs and preferences of consumers and potential consumers. It examines target markets, target audiences, consumer interests, customer feedback, market environment, competitors' positions, etc.. Market research also includes the techniques to develop, launch, and make successful products and services in the market .
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