Question 2. Chapter 9. Suppose that the demand for broccoli is given by: Demand: Q=1,000-5P

Supply: Q=4P-80

(10pt) What is the equilibrium price and quantity?

(15pt) Calculate the consumer surplus (CS) and producer surplus (PS) at the equilibrium. How much in total is spent on broccoli at the equilibrium?

(10pt) How much in total CS and PS would be lost if Q=300 instead of 400?

(10pt) How is the loss in CS and PS shared between consumers and suppliers if P=140

instead of 120?