Microeconomics

The graph below shows the market for artisanal porcelain sloths. S 10 a un Price ($) w N D 8 9 10 Quantity (a) What is the equilibrium price and quantity of the sloths? (b) What is the total revenue for businesses at the equilibrium point? (c) Calculate the producer and consumer surplus at equilibrium. Show your work.(a) What is the equilibrium price and quantity of the sloths? (b) What is the total revenue for businesses at the equilibrium point? (c) Calculate the producer and consumer surplus at equilibrium. Show your work. (d) Who is benefiting more, or has a greater surplus, at equilibrium, consumers or producers? Explain. (e) The porcelain sloths decrease in price. They are a substitute good for glass llama sculptures. Draw a correctly labeled graph of the market for glass llama sculptures before and after the sloths decreased in price. (f) Shade the producer surplus after the change described in part (e). (g) What would happen to the equilibrium price and quantity for llama sculptures as a result of the price decrease of the porcelain sloths? Explain. (h) The price of the glass used to make the llama sculptures decreases. On a new graph, illustrate the market for glass llama sculptures before and after the glass decreased in price. (i) If the price decrease for glass happened at the same time as the price decrease for porcelain sloths, how would the equilibrium price and quantity for the glass llamas change? Explain