Question: a. Suppose that the demand function for a product is given by p = 130:} = (I (5)3 where s: is the number of items

a. Suppose that the demand function for a product is given by p = 130:} = (I (5)3 where s: is the number of items and p is the price in dollars per item. Suppose also that the supply function is given by 3(1) = I2 + 12. Find the consumer surplus and the producer surplus. h. Sketch on one graph the supply and demand function, and indicate the consumer surplus and the producer surplus

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