1. Suppose you have the following willingness-to-pay information for a fidget spinner given below. If the price of fidget spinners is $2, then calculate the consumer surplus for each person in the chart. Assume no one can be forced to buy a fidget spinner. Michael Jim Pam Dwight Willingness to Pay 500 2 10 1 Consumer Surplus 2. In the chart above, what is the total consumer surplus if those who were willing to purchase at a price of $2 did so? Suppose you have the following demand and supply functions. Q_D=50-2P Q_S=3P 3. What is the equilibrium price and quantity? 4. What is the consumer surplus? 5. What is the producer surplus? 6. Short Essay: Cattle auctioneers have a competition each year to see who is the best auctioneer in the country in terms of their style, the clarity and cadence of their auctioneer chant, and other judging criteria. Feel free to look up information about such competitions and the importance of a skilled auctioneer for those selling cattle at auction. Based on your understanding of willingness-to-pay, willingness-to-sell, consumer surplus, and producer surplus what do you believe the goal of an auctioneer is at an auction? How do they