1. The inverse market demand curve for a good isp=500.4Q. The inverse market supply curve for the good isp=100+6Q. Calculate the equilibrium price and quantity.

a.) p=660; Q=40

b.) p=40; Q=140

c.) p=340; Q=40

d.) p=140; Q=40

2.) The inverse market demand curve for a good isp=500.4Q. The inverse market supply curve for the good isp=100+6Q. Calculate consumer surplus at equilibrium price and quantity.

a.) 32200

b.) -3200

c.) 7200

d.) 3200

3.) The inverse market demand curve for a good isp=500.4Q. The inverse market supply curve for the good isp=100+6Q. Calculate producer surplus at equilibrium price and quantity.

a.) 800

b.)-4200

c.)4800

d.) 11200