Hi , below is the question and solution for the answer.

(a) The daily demand and supply curves for pizza are given as P = 6 - 14Q and P = 14Q, respectively, where P is the price in dollars and Q is the quantity in thousand slices. Calculate the equilibrium price, quantity, the consumer surplus and producer surplus. Support your answers with a suitable diagram. (10 marks)Suggested answer to Question 1(a): The equilibrium price is $3 (2 marks). The equilibrium quantity is 12,000 slices (2 marks). The consumer surplus is the area of the triangle A which is $18,000 (2 marks). The producer surplus is the area of the triangle B which is $18,000 (2 marks). Refer to the diagram below (2 marks). Price ($/slice) S 6 A B D Quantity (slices/week) 0 12 24 (Total: 10 marks)