Question 4 (40 points) 1. A winery produced x thousand bottles of premium wine when the price for each bottle is S(x) = 1.4x2 - 50x + 1480 The monthly demand for the bottles of wine is related to the price by D(x) = - x2 + 34. 8x + 1928 a. Find the consumer surplus and the producer surplus when the market is at equilibrium. b. Find the change in the consumer and producer surplus when the price increases by $20? Explain what happened. (Hint: Because it is a price increase and consumers will buy less, use the demand equation to find the new quantity in the market.)