essential mathematics for economic and business

3. The demand and supply functions for a product are Demand function: Pa = 200 - 4Q Supply function: P, = 50 + Q 3.) Find the equilibrium price and quantity. b) Plot the demand and supply functions. Illustrate graphically the consumer (CS) and producer surplus (PS) at equilibrium. c) Calculate the consumer surplus at equilibrium. (1) Calculate the producer surplus at equilibrium. e) Calculate the total surplus at equilibrium