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Question 1 1) Given the below functions for supply and demand: Supply: P = 1n (Q? 3) Demand: p = zzearctan (QD) a) Find the

Question 1
1) Given the below functions for supply and demand: Supply: P = 1n (Q? 3) Demand: p = zzearctan (QD) a) Find the total welfare using the market equilibrium condition (to nd the equilibrium point you need to use Newton's method at some point): b) Find the equilibrium price using the welfare optimization method directly; verify whether the results 'om part A & B are consistence

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