Question: 3. Suppose, the market demand function and supply function of a product are as follow: Qa = 40-2p Q,=2p-10 (a) If this market is a

3. Suppose, the market demand function and supply function of a product are as follow: Qa = 40-2p Q,=2p-10 (a) If this market is a monopolistic market, how much is the equilibrium price and quantity, and what are the consumer surplus and producer surplus? Please draw a figure and calculate. (b) If this market is a perfect competitive market, how much is the equilibrium price and quantity, and what are the consumer surplus and producer surplus? Please draw a figure and calculate. (c) Analyze the difference of the social welfare in the above two cases

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