In a market demand and supply equations are:

The demand curve is given as: P = 68 - 2Q

The supply curve is given as: P = 20 + 2Q

Part 1: (8 points)

Assuming a perfectly competitive market:

1) What is the equilibrium price and quantity?

2) What is producer surplus?

3) What is the consumer surplus?

4) What is the total wealth?

Part 2: (10 points)

Assume a monopoly condition for above market.

1) What is the monopoly market price and quantity?

2) What is the consumer surplus?

3) What is producer surplus?

4) What is the total wealth?

5) What is the Deadweight Loss?

Please show all your work.