Consider a consumer in a perfectly competitive market. The conSumer has income |=90 and can purchase good 1 and good 2. Quantities are q1 and q2. Suppose prices are p1=12 and p2=6. The consumer's utility function is u(q1.q2) = 3q2'6q3'3 The optimal consumption choice is q1*= v and q2*= v. The graph below represents the market demand curve for a product, where p is the price and Q is the total quantity in this market. In this perfectly competitive market, the current price of this product is p=7. Use the graph to compute the consumer surplus (CS) in this market. 13 Demand 4 6 8 Q O a. CS=0 O b. CS=18 O c. CS=6 O d. CS=8 O e. CS=32Let p1 and p2 be the prices of good 1 and good 2, respectively, and [the income. Part 1) Consider the following demand curve: it :11 = 70 -5p1 -7p2 -31 From this demand, we know that good 1 and good 2 are v . Moreover, good 1 is v good. Part 2) Consider the following demand curve: * q1 = 60 -3P1 +2132 +21 From this demand, we know that good 1 and good 2 are v . Moreover, good 1 is v good