3. The Demand Curve for bullets used in handguns is given by the equation QD = 19.15 - 5.95P with quantity measured in billions of cylinders per year and price measured in dollars per cylinder. The Supply Curve is estimated by the equation QS = -4.57 + 7.5P. The equilibrium price and quantity of bullets are:

1. $1.26 and 11.65 billion.
2. $1.76 and 8.66 billion.
3. $2.93 and 1.72 billion.
4. $3.22 and 19.58 billion.
5. $4.03 and 25.67 billion.

4. Using the information in question 3, at the equilibrium price and quantity, the amount consumers spend on the product and the industry's revenue are:

1. $103.45 billion.
2. $63.05 billion.
3. $15.27 billion.
4. $14.68 billion.
5. $5.04 billion.

5. Using the information in question 3, at the equilibrium price and quantity, the Consumers' Surplus and Producers' Surplus are respectively:

a. $1.32 billion and $1.04 billion.

b. $5.06 billion and $4.02 billion.

c. $6.24 billion and $4.92 billion.

d. $6.30 billion and $5.00 billion.

e. $21.35 billion and $15.05 billion.