Ly https:/iweb.langara.ca/econ1220spring2022/files/2022/01/Economics-1220-Assignment-2-Spring-2022.pdf L. Langara. Co-operative Education The market for Widgets is perfectly competitive and is described by the following Inverse Demand and Supply functions (these are "inverse" since Price is a function of Quantity, whereas the Demand and Supply functions are written for Quantity as a function of Price): An X20 Inverse Demand: P=800 - 10QD where P is the price in $/unit and QD is the quantity demanded in units per month. Inverse Supply: P = 200 + 5Qs where P is the price in $/unit and Qs is the quantity supplied in units per month. A) Using the graph provide below, represent the information on the market for Widgets in a properly labelled supply-demand diagram (make sure the diagram is drawn according to the exact functional forms above!). B) What are the equilibrium Price and Quantity in this market? (Use math and show calculations. Also, don't forget the units). C) At what prices is there a surplus in this market? D) At what prices is there excess demand in this market