Part of this question was set for a previous erram. Hint: refer to ee! tooi #5:}! on Blackboard to assist with this question. For guidance on how to identifyr the equilibrium price and quantity1 see Henshaw and Norman {2132]} Maths for economies section 3.13 Demand and supply for a good and sub-section: Mar- ket equilibrimn. Consider the market for good X. Assume that the market is perfectly competitive. Q is the market quantity of good X and P is the market price. The equations for the curves are: It {iii-terse}I demand curve {Du}: P = 3m ZDQX Ir (ir) supply came {SD}: P = 153 + 10112;; 1. Plot the demand curve in a diagram for the range Q=[,l]. 2. {In the same diagram, plot the supply curve for the range Q=[G, 113']. 3. What is the equilibrium perfectly competitive price and output? Mark this on your diagram. 1. What areas represent oonsmnersT surplus {CS} in the perfectly competitive situation? Mark and label this on your diagram Calculate the value of CS. 5. What areas represent producers' surplus {P3} in the perfectly competitive situation? Mark and label this on your diagram. Calmilate the value of PS. 6. 'What is the value of total surplus {TS} in equilibrium? A B C D E F G H K L M N 0 P Q R S T U V W For each of the demand and supply equations, enter the value of intercept (a) and the slope (b) coefficient in the table below check that the schedule is correctly calculated check that the chart is correctly plotted Identify the equilbrium price and quantity. Calculate CS, PS and TS. Coefficient table Demand and supply schedule Chart a b D S 1.00 P = + Qd 0.00 0.00 0.00 0.90 P = + 05 1.00 2.00 0.80 3.00 0.70 Q*= 4.00 0.60 P*= 5.00 0.50 CS= 6.00 -D PS= 0.40 -s 7.00 TS= 8.00 0.30 9.00 0.20 10.00 0.10 0.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00