Family Name: Given Name: Student #: Suppose that the demand for gidgets is given by Q = 200 - 0.05P, while the supply of gidgets is estimated to Q s = -12.5 + 0.025P. (Use the back for calculations.) 1. The market equilibrium price and quantity are P = $ and Q = 2. Sketch the Demand and Supply curves and indicate the area that correspond to Consumer Surplus and label it CS. 3. Sketch the Demand and Supply curves and indicate the area that correspond to Producer Surplus and label it PS. The consumer surplus at market equilibrium = $ 5. The producer surplus at market equilibrium = P ($) 5000 4500 4000 3500 3000 2500 2000 1500 1000 500 O 40 60 80 100 120 140 160 180 200 220 240 260 280 300 -500