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Market demand and supply for product X are (D): Pd 60 0.25Q (S): Ps 10+ 0,25Q a. What are the equilibrium price and quantity

Market demand and supply for product X are (D): Pd 60 0.25Q (S): Ps 10+ 0,25Q a. What are the equilibrium price and quantity in the market? b. What is consumer surplus? What is producer surplus? c. If the government sets the price ceiling P 30. What will happen to the market? d. Calculate the change of consumer surplus and producer surplus. e. Illustrate your answers on a diagram.

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