Question: Please write the solution in detail The following equations represent the demand and supply for silver pendants. QD = 50-P Qs = -30 +3P 1.

Please write the solution in detail

The following equations represent the demand and supply for silver pendants. QD = 50-P Qs = -30 +3P 1. What is the equilibrium price (P) and quantity of (Q - in thousands) of pendants? 2. What is the value of the consumer surplus and the producer surplus 3. Suppose the price is now set at $35. Calculate the Consumer surplus and Producer surplus. 4. What is the deadweight loss

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