(iii).Q=10X0.3 70.7 (5 points) bfc le ev ntu mp Pric Question 3. (20 points) Assume that the market supply and demand conditions for a product are: Qs=0.5P (supply curve) QD=60-2P (demand curve) where Q is the quantity of the product and P is the market price. (i). Calculate the equilibrium price quantity solution, consumer surplus, producer sur- plus, and social welfare. (10 points) (ii). Suppose that the market has changed from a competitive market to a monopoly market, calculate the new price output combination, total loss of consumer surplus and net gain in producer surplus. (10 points) 03 Third z lin Pirst Furti C 1 Whic In So nos (iii).Q=10X0.3 70.7 (5 points) bfc le ev ntu mp Pric Question 3. (20 points) Assume that the market supply and demand conditions for a product are: Qs=0.5P (supply curve) QD=60-2P (demand curve) where Q is the quantity of the product and P is the market price. (i). Calculate the equilibrium price quantity solution, consumer surplus, producer sur- plus, and social welfare. (10 points) (ii). Suppose that the market has changed from a competitive market to a monopoly market, calculate the new price output combination, total loss of consumer surplus and net gain in producer surplus. (10 points) 03 Third z lin Pirst Furti C 1 Whic In So nos