11. Kawmin is a small country that produces and consumes jelly beans. The world price of jelly beans is $1 per bag, and Kawmin’s domestic demand and supply for jelly beans are governed by the following equations:

Demand: QD = 8 – P Supply: QS = P, where P is in dollars per bag and Q is in bags of jelly beans.

a. Draw a well-labeled graph of the situation in Kawmin if the nation does not allow trade.

Calculate the following (recalling that the area of a triangle is 1

⁄2 × base × height): the equilibrium price and quantity, consumer surplus, producer surplus, and total surplus.