Bert, as a consumer, places the value on a pair of jeans as follows.

Value of firstpair: $30

Value of secondpair: $28

Value of thirdpair: $26

Value of fourthpair: $24

Value of fifthpair: $21

Value of sixthpair: $19

Value of seventh pair: $17

Ernie, as a producer, pays the following cost to produce jeans.

Cost of firstpair: $12

Cost of secondpair: $15

Cost of thirdpair: $17

Cost of fourthpair: $19

Cost of fifthpair: $21

Cost of sixthpair: $24

Cost of seventh pair: $26

Using the information given above, answer the following questions.

(1)Derive the quantity demanded and the quantity supplied at the price of $19.

(2)Derive the equilibrium price and compute the sizes of the consumer and the producer surpluses at the equilibrium price.