Demand and supply conditions in a market are specified as follows: D = {(q, p) | p = 32 0.5 q, 0 q 50}, S = {(q, p) | p = 2 + 0.1 q 2 , 0 q 50}.

1. Determine the market-equilibrium quantity.

2. Determine the market-equilibrium price.

3. Determine the revenue of sellers (and the expenditure of buyers) at the market equilibrium.

4. Determine the total benefit of buyers at the market equilibrium.

5. Determine the buyers' surplus at the market equilibrium.

6. Roughly estimate the total cost of sellers at the market equilibrium. Explain how you obtained your estimate.

7. Estimate the sellers' surplus (or profit) at the market equilibrium. Explain how you obtained your estimate.

Demand conditions in the market change, while supply conditions stay fixed. The new market conditions are specified as: D = {(q, p) | p = 52 0.5 q, 0 q 50}, S = {(q, p) | p = 2 + 0.1 q 2 , 0 q 50}.

8. Determine the new equilibrium quantity in the market.

9. Determine the new equilibrium price in the market.

10. Determine the new equilibrium sellers' revenue (and buyers' expenditure) in the market.

11. Determine the new total benefit of buyers at the market equilibrium.

12. Determine the new buyers' surplus at the market equilibrium.

13. As a result of the new market conditions, does the sellers' equilibrium total cost increase, decrease, or stay constant? Explain your answer.

14. As a result of the new market conditions, does the sellers' equilibrium surplus (or profit) increase, decrease, or stay constant? Explain your answer.