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Suppose the supply of diamonds has the following equation: Qs = 1.5P Also, the demand for diamonds has the following equation: Qd = 600 .SP

Suppose the supply of diamonds has the following equation: Qs = 1.5P Also, the demand for diamonds has the following equation: Qd = 600 .SP Where P is the price of diamonds, Qs and Qd are the quantity supplied and quantity demanded of diamonds respectively. a) Graph the market for diamonds. What are the equilibrium price and quantity? What is consumer surplus and producer surplus at the equilibrium price? Calculate each of these values

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