Question 1)The first equation is a demand equation and the second is a supply equation of a product. Determine consumers' surplus and producers' surplus under market equilibrium.

p=220.8q

p=6+1.2q

The consumers' surplus at equilibrium is=

(Type an integer or a decimal.)

The producers' surplus at equilibrium is=

(Type an integer or a decimal.)

Question 2

Find the point elasticity of the demand equation for the indicated value of q, and determine whether demand is elastic, is inelastic, or has unit elasticity.

p=42q;

q=3

The point elasticity of the demand equation for

q=3 is =

(Simplify your answer

Question3

For the cost function below, where c is the cost of producing q units of a product, find the marginal-cost function. What is the marginal cost at the given values of q?

c(q)=20q²9q+2;q=2,q=6,andq=12

part 1 c'(q)=

(Simplify your answer.)

Part 2c(2)

(Simplify your answer.)

Part 3c(6)=

(Simplify your answer.)

Part 4c(12)=

(Simplify your answer.)

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