Question-1 Suppose the demand and supply functions are given as the following:

Question-1 Suppose the demand and supply functions are given as the following: qD=140p and q5=p+20 a) Determine the equilibrium price and quantity algebraically and show the equilibrium graphically [10 Points). b) Determine the consumer and producer surplus [10 Points). c) Fill out the follokving table and show the equilibrium on the table [10 Points). Price Quantity Demanded Quantity Supplied 3 0 4O 50 60 70 80 d) For which price ranges, we observe excess supply [surplus)? and excess demand [5 Points)? e) Suppose demand shifts from rm 2 140 p to (13 = 160 p, while supply stays the same q5 = p + 20 Find the new equilibrium price and quantity. Show it on the same graph as in part [a) What could be the reasons forthis shift? Name three reasons [10 Points)