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Consider in a market where the supply and demand functions for a product are given as follows: Supply function : P S = 20 +

Consider in a market where the supply and demand functions for a product are given as follows:

Supply function : P_S = 20 + 2Q

Demand function : P_D = 50 - Q

where P_S is price given by supplier, P_Dis the price given to customer and Q is the quantity.

Find the equilibrium price and quantity in this market. (5 marks)
Calculate the producer surpluses. (5 marks)

consumers surplus:

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