1) Given, respectively an inverse market demand and supply for a good as D(Q)=- 0.025Q²- 0.5Q+ 60 and S(Q)= Q+20.

i) Find the equilibrium price and equilibrium quantity.

ii) Determine the consumers and producers surplus at the equilibrium price and quantity

iii) Sketch and Lebel appropriately the consumer and producer surplus on Cartesian plane (x,y).