microeconomics

Name: ID: 1. The price of beef is denoted as P (in US Dollar) in the following equations where the demand and supply curve as follows: (10) Qd = 12 -2P Qs = -3+8P (1) What is the equilibrium price and quantity of beef in the market? (1) (ii) Graphically show the equilibrium price and quantity in the demand and supply curve. (1) (iii) Calculate the value of consumer surplus and the producer surplus from the above graph. (1)