(3.3 The Organization of the Petroleum Exporting Countries(OPEC) was formed on September 14th: 1960. in Baghdad, Iraq. At least twice a year, OPEC members meet to adjust OPEC's output level in light of anticipated oil market developments. OPEC's 11 members collectively supply about 40 percent of the world's oil output and possess more than threequarters of the world's total proven ciude oil reseives. Market supply and demand conditions for crude oil are Qs = 2P (Market Supply) Q1) = 180 - 4P (Market Demand) Where Q is barrels of oil per day(in millions) and P is the market price of oil. (10 points) 3.1 Calculate the equilibrium price-output solution. How much consumer surplus, producer smplus, and social welfare is produced at this activity level? 3.2 There is a change 'om a competitive market to a monopoly market. How much is the net gain in producer surplus