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please answer all parts and draw graph by hand or very neat and labeled if on computer! Problem 4: (Supply and) Demand, Continuously Suppose the

please answer all parts and draw graph by hand or very neat and labeled if on computer!

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Problem 4: (Supply and) Demand, Continuously Suppose the monthly demand for full-service restaurant meals in a small city is comprised of tech workers, for whom monthly meal demand is Q1=40-.25P, and non-tech workers, whose monthly demand is Qx =10-.25P. The supply of restaurant meals is given by P=4+QS (or, equivalently, QS=-4+P). Assume that fractional or decimal values are possible, e.g. perhaps it's possible to order just an appetizer! a) Write down an expression for the total market demand for meals in this community, keeping in mind that only non-negative numbers are possible for price and quantity (so that if prices are hioh enough. one or both groups may be \"priced out\" of the market). b) Compute the competitive market equilibrium price of a restaurant meal, and illustrate it in a market supply market demand diagram. How many meals will be purchased by tech workers? By others? Compute the consumer surplus earned by each of the two groups in this equilibrium, as well as the producer surplus. Show your work. c) Suppose an increase in costs causes the supply curve for restaurant meals to shift upward to P=25+Q3, even as the demand curves remain unchanged. Repeat your calculations from part b); briefly summarize in words how this cost increase has affected the market

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