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a. Find the equilibrium price and quantity.
In equilibrium
Qd = Qs
298 -8 = -32 +4P
12P = 330
P = 330/12 = 27.5
In quantity
Q = 298 - (8 x 27.5) = 298 - 220 = 78
b. Sketch this market. [HINT: Be sure to draw the two curves carefully, using inverse demand and supply functions to calculate the quantity- and price-axes intercept points.]
c. Use the demand function to calculate consumer surplus.
d. Use the supply function to calculate producer surplus.
e. What is the total welfare to society?
Chose one event from problem 5 above that would affect demand and one event that would affect supply. Explain what would happen to equilibrium price and quantity if both events occur simultaneously.
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