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The annual demand for full-spectrum LED light bulbs in Fairbanks, Alaska, is estimated to be Q\" = 20,000 1.011313. The suppl}r is estimated to be QS = 12,000 + 3,000]! a. What is the equilibrium price of full-spectrum LED light bulbs? 5 b. What is the equilibrium quantity of full-spectrum LED light bulbs? er E. er U! c. What is consumer surplus? d. What is producer surplus? e. What is the total surplus received by both producers and consumers? 5' e In 1997. Sony introduced the DVD player, replacing the VHS videotape and shepherding in a new era of high-denition movie viewing. Soon, there were over 100 different player models competing. DVD became the standard, preferred way to watch movies at home; VHS movies became increasingly difcult to rent andfor purchase. Then, in 2010, Netflix introduced streaming video that allowed users to watch movies on their television or mobile device. a. Why was the consumer surplus gained by those purchasing DVD players likely quite high between 199-; and 2010? 0 Because DVD producers were receiving more than the cost of production. 0 Because DVD buyers valued the product at much more than the price they paid. 0 Because DVD buyers valued the product at much less than the price they paid. C) Because DVD producers were receiving less than the cost of production. 11. Did the introduction of streaming video alter the consumer surplus received by purchasers of DVD players after 2010? O No, because the introduction of streaming video did not affect the production cost of DVD. 0 No, because the introduction of streaming video did not affect the price that DVD buyers were willing to pay. 0 Yes, because the introduction of streaming video affected the price that DVD buyers were willing to pay. C) Yes, because the introduction of streaming video affected the production cost of DVD. c. What happened to the consumer surplus received by movie viewers after 2010? After 21310, consumer surplus received by movie viewers I did not change ' l