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Suppose that the demand and supply for maize meal in Kimberley is given by p = 120 - 0.7Qd and p = 3 + 0.2Qs

Suppose that the demand and supply for maize meal in Kimberley is given by p = 120 - 0.7Qd and p = 3 + 0.2Qs

where the quantity is in thousands of kilograms and the price (p) is in Rand per kilogram. Answer the following:

Find the market equilibrium quantity, and the equilibrium price of maize meal

Find the consumer and producer surplus at the market equilibrium that you found in part (a).

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