How would the questions below be solved/calculated?

4) Consider the competitive market for music CD's. The inverse supply function is given by P = 1/3 Q5 and the inverse demand function is given by P = 25 1/2QD. (Q is in thousands) a. What is the marginal benet to consumers of the 12 thousandth CD? What is the marginal cost to producers of the 12 thousandth CD? Assuming parties are allowed to trade freely, would we expect to see a total quantity of 12 thousand CD's traded in this market? Why or why not? (Explain based on market participants' incentives.) Solve for the equilibrium price P* and quantity traded Q* in the market for CD's. Calculate the consumer surplus and producer surplus that would result in the market at the equilibrium price and quantity. (Hint: Drawing a graph may be particularly useful for d and e.) Calculate the deadweight loss that would exist in the market if 12,000 CD'S were produced and traded. What would the total surplus be in this case? What would occur in the market at a price lower than P*? Explain why we would not expect to see a price lower than P"= persist in this market when the market is allowed to adjust and operate freely. Now suppose there is a decrease in the cost and increase in the convenience of purchasing music through other means (e. g. digital download). i. What would you expect to happen to the demand for CD's? (State any assumptions you need to make.) ii. What would then happen to the equilibrium price and quantity sold in the market for CD's