Question 1 The following information reveals the market condition of cola: Qd = 1,000 200P, where Cid is the quantity demanded in number of cans and P is the price {in dollar term] GS = 100 + 400E where 0.5 is the quantity supplied in number of cans Calculate the equilibrium price and equilibrium quantity of cola. Draw the demand-and-supply diagram of the cola market and label all relevant gures of critical points and intercepts. Indicate the consumer surplus of cola market on your diagram. Is the market of cola efcient under the equilibrium? (14 marks]