questione)

[40 marks]Consider a vitamin supplement that is supplied by many different firms. The demand curve is D = 16 - 3p and the supply curve is S = -4+ 2p. (a) [5 marks]Find the competitive equilibrium. (b) [10 marks]Compute the consumer surplus and producer surplus. (c) [5 marks]Scientists discover that a vegetable is rich in this vitamin and the vegetable is not expensive at all. As a result, the demand curve shifts to D = 14-4p. The supply curve remains the same. Find the competitive equilibrium after the scientific discovery. (d) [10 marks ]Compute the consumer surplus and producer surplus after the scientific discovery. (e) [10 marks]After making the calculation that you just made, Consultant Bob finds that the social surplus de- creases after the scientific discovery. Therefore, he concludes that the discovery creates a deadweight loss and is detrimental to the society. Evaluate this argument. (Limited to 200 words.)