Suppose the annual demand for gasoline as motor fuel in the US can be represented by the demand curve: Q = 150 - 12.5 * P, where Qd is the quantity measured in billions of gallons P is the price in dollars per gallon, and the supply curve is: Q5 - -100 + 50 = P A) First, solve each equation for P, so that you can represent the inverse demand and the inverse supply on a graph with P on the vertical axis. B) Now, draw the supply-demand graph, with P on the vertical axis. C) What is the equilibrium quantity of gasoline, in billions of gallons per year? D) What is the equilibrium price of gasoline? E) What is the amount of consumer surplus (CS), in billions of dollars, at the equilibrium price? F) What is the amount of producer surplus (PS), in billions of dollars, at the equilibrium price? G) What is the price elasticity of demand at the market equilibrium? H) What is the price elasticity of supply at the market equilibrium? 1) Are supply and demand elastic or inelastic? J) Now assume that demand for gasoline has shifted to Q - 125 - 12. 5 - P. Is it a downward/leftward or an upward/rightward shift in demand? What could have generated this shift? K) After the demand shift, what is the new equilibrium quantity of gasoline? L) And the new equilibrium price? M) Show the new demand curve and the new market equilibrium (P ) and Q* *) in the graph you draw in part B). N) By how much would producers' surplus change