Market demand is given as QD= 300 - 6P. Market supply is given as QS= 4P.

a. (6 Points) Draw the demand and supply curves. Show the intercepts.

b. (4 Points) Find the equilibrium price and equilibrium quantity.

c. (3 Points) Calculate the own price elasticity of demand at the equilibrium point and interpret your answer.

d. (6 Points) Calculate the consumer surplus, and producer surplus at the equilibrium and show them graphically.

e.(3 Points) If P = $20, what is the quantity demanded and quantity supplied and what is the result? What can be done to go back to the equilibrium?