Suppose the market supply for cashmere scarves is given by PS=300 + 4Q and the market demand is given by PD=1,200 - 0.5Q.

What is the equilibrium price of cashmere scarves and what is the resulting consumers' surplus (CS) and producers' surplus (PS)?

Group of answer choices

A.none of the other answers are correct.

B.P*=$900, CS=$5,000, PS=$7,000

C.P*=$800, CS=$300, PS=$300

D.P*=$1,000, CS=$8,000, PS=$5,000

E.P*=$1,100, CS=$10,000, PS=$80,000