Question

The domestic market supply function is QS = 25 + 5P, and the domestic market demand...

The domestic market supply function is QS = 25 + 5P, and the domestic market demand function is

     QD = 200 − 5P. The world price is 20.

a) Carefully draw the graph for this market.

(Label the axes and curves.)

b) Is this country importing or exporting the commodity? Calculate how much. ______________

c) Calculate the consumer surplus _________ and producer surplus ________ for this country.

Just need Part B and C. Thank you!

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