Question: please show work and explain thank you! Problem 3 (20 points) Suppose Olaf is a. seller of ice cream. The demand for ice cream is

 please show work and explain thank you! Problem 3 (20 points)

please show work and explain thank you!

Suppose Olaf is a. seller of ice cream. The demand for ice

Problem 3 (20 points) Suppose Olaf is a. seller of ice cream. The demand for ice cream is given by p(q) = 10 % here q is the the quantity of ice creams sold and p is the price for each ice cram. His supply function is M) = 2r;- 1. (10 points) Determine the equilibrium price and quantity for this market. (hint: occurs at the intersection of the demand and supply) 2. (10 points) Calculate the consumer surplus, producer surplus. Show this in diagram also

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