4.Consider the following supply and demand equations:
Supply:p= 10 +q
Demand:p= 100−2q
Show your work as your response to the following questions.
(a) What is the market equilibrium price and quantity?(5%)
(b) Draw a diagram to clearly show the market equilibrium.(5%)
(c) What is the Consumer Surplus at equilibrium?(5%)
(d) What is the Producer Surplus at equilibrium?(5%)
(e) What is the Total Surplus at equilibrium?(5%)
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