The supply function of a given good is Qs(p) = 25 +10p and the demand function is Qd (p) = 450 15p.

a) Calculate the price and quantity in the market equilibrium.

b) Calculate the consumer and producer surplus.

c) Due to the implementation of a new technology supply changes to Qs(p) = 50 +10p. Calculate the new consumer and producer surplus. Calculate the change in the two surpluses compared to the situation in b). Who benefits from the new technology?

d) Suppose that demand reduces due to the emergence of a new substitute for the good. The new demand curve is given by Qd(p) = 200 15p. Calculate the new consumer and producer surplus. Calculate the change in the two surpluses compared to the situation in b). Who benefits from the emergence of the new substitute?