1. Long-run competitive equilibrium. A new technology to brew coffee has been discovered over the summer, making more efficient firms move into the industry, each with a total cost function TC=9+(q^2)/4, where q is the number of cups of coffee produced per day by an individual coffee shop measured in thousands. For simplicity, suppose that only one type of coffee is available for sale. The market demand for coffee is Q = 120 - 10P , where Q is the number of cups of coffee produced per day (measured in thousands) in the market and P is the price in dollars per cup of coffee. Assume that we are in a perfectly competitive, long-run equilibrium in the coffee industry.

Calculate consumer surplus and producer surplus