please answer

51. Homework 1 Consider the market for some good or service. Please anSWer the following questions: Provide brief denitions of consumer surplus and producer surplus. (.2 p!) b. Draw a graph of the market in equilibrium and indicate on this graph the equilibrium price (P...) and quantity (Qel- (2 pr) On the same graph, show consumer surplus (CS), producer surplus (PS), and total social welfare (SW). (3 pt) Draw a new gph to show the outcome ifthe price in this market is above the equilibrium price: P > Fe. Briey explain how the market would react to this outcome. (2 p!) Now suppose that supply in this market increases. On a new gr_aph, indicate the initial and new equilibrium price and quantity: (Pg, (2,) and (Pg, Q). [2 pt) Now explain how the above increase in supply (you can also show graphically. if preferred) Would impact consumer surplus (CS) and total social Welfare (5W). {2 pt)