Direction: You have to answer this question on a separate piece of paper and upload it.

Problem #1:

The demand and supply curves for newspapers for theFree Lance-Starare given by Qd=152-30Pand Qs=164P-4 where Q (quantity) is measured in thousands of newspapers per day andP (price)in dollars per newspaper.

Calculate the equilibrium price and quantity.

Calculateandgraphthe consumer surplus and producer surplus. Please label the C.S (consumer surplus) and P.S(producer surplus).