Assume the following demand and supply functions

Qd= -10p + 80 Qs= 20p - 10

1. Draw these functions

2. Determine the equilibrium price and quantity and label the equilibrium, the price at equilibrium, and the quantity exchanged

3. Suppose that supply shifts to Qs= p -2 with no change in demand. Determine the new equilibrium price and quantity

4. Calculate the surplus of the consumer and producer at the new equilibrium.