1. Given the following supply and demand relations: Demand: P = 180 - 1.5qd Supply: P = 40 + 3.5qs Solve for equilibrium price and quantity. . Solve for consumer surplus. `Solve for producer surplus. Solve for the firms' operating costs. Solve for the consumers' expenditure. Solve for the firms' operating profit. Solve for the total utility gained by consumers at the equilibrium quantity? What is the value of the expected marginal utility of the tenth unit consumed? 2. Complete the following table. Price Quantity demanded Total Utility O 3. Assuming the good for which demand is indicated in Question 2 is a normal good, if there are simultaneous increases in consumer incomes and in the price of substitute goods, what will happen to the level of total utility at a quantity of 3 units? Explain