(a) By using the demand and supply equations given below, prepare schedule and draw demand and supply curves?

(b) At what price and output level the market will be in equilibrium?          

      Q^d = 100 - 6P

      Q^s   = 28 + 3P

Where Q^d is quantity demanded, Q^s is quantity supplied while P is the price of good.

Define Consumer Surplus and Producer Surplus? Use neat diagrams to explain Consumer and Producer Surplus?

Define the Law of Supply? Keeping in view the Law of Supply, how the following factors will shift the supply curve? (Each answer must be supported by a neat diagram):

If number of producers increases in the market;

If there is an advancement in electronics technology;

If the prices of raw material increases in the automotive industry;

If there is an expectation of increase in oil prices during next month.