Please answer the following questions regarding markets and consumer surplus. You are expected to complete all parts of the question below.I also include a bonus point you can get if you like it, but don’t feel the need to complete it. You can upload the graph to the corresponding test written section. You may also email me a image if you want.
Let the quantity demand function be: QD=20-2P
Let the quantity supply function be: QS=2P
1) Solve the equilibrium price and quantity of the markets above you should show your work: (points: 2)
2) Please graph the market above (points:1)
3) What is the consumer surplus in the market assume the market is at equilibrium price (2)?
Bonus:
Tell me an appropriate joker: (1)