1. Suppose the demand for widgets is given by qn = 120 - 3p and supply is given by qs = 3p. (a) What is the equilibrium price and quantity of widgets? (b) Graph the demand and supply functions on a single graph. Make sure all intercepts, lines, intersections, and axes are labeled. (c) Calculate consumer and producer surplus. Indicate the areas on your graph. 2. Consider two points along a straight line: (10, 30) and (15, 20). (a) What is the equation of the straight line that passes through these points? (b) Graph this straight line. Make sure all intercepts and axes are labeled. Also label the two points, (10, 30) and (15, 20), on the line. 3. Consider the quadratic function f(x) = 2 - 22x + 40. (a) What are the I intercepts? (b) Graph the function. Make sure all intercepts and axes are labeled. (c) Determine the z and f(z) coordinates of the turning point. Indicate the coordinates on your graph above. (d) For what values of a is the function convex and concave? Explain how this relates to the slope of the function. 4. Suppose a firm's demand curve is p = 100- 0.5q- (a) What is its revenue function, R(q)? Recall, revenue is price x quantity. (b) What is its marginal revenue function, R'(q) = MR? (c) At what quantity is the slope of the revenue function equal to zero? (d) Graph marginal revenue and revenue on the same graph. Make sure all intercepts and axes are labeled