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The quantity demanded for wireless computer mouses is Q d = 500 - 1.75 P , and the quantity supplied is Q s = 450

The quantity demanded for wireless computer mouses is Q_d = 500 - 1.75P, and the quantity supplied is Q_s = 450 + 0.25P.

a. Calculate the equilibrium price and quantity.

b. Is total surplus maximized at 440 mouses? Explain.

c. If the market price is currently $10, is there a shortage or surplus of mouses? How do you know?

d. If the market price is $40, is there a shortage or surplus of mouses? How do you know?

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