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57. [2 marks] The supply and demand for broccoli are described by the following equations: Supply: Q s = 4P - 80, Demand: Q D
57. [2 marks] The supply and demand for broccoli are described by the following equations:
Supply: Qs= 4P - 80, Demand: QD=100-2P
Q is in bushels, and P is in dollars per bushel.
a. Graph the supply curve and the demand curve. What is the equilibrium price and quantity?
b. Calculate consumer surplus, producer surplus, and total surplus at the market equilibrium
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