Question: Problem 1. For a product, the supply curve is given by q = 8p 20 and the demand curve is q : 3p + 35.

Problem 1. For a product, the supply curve is given by q = 8p 20 and the demand curve is q : 3p + 35. (a) Graph both curves by hand. Find and label the equilibrium point. (b) Calculate the consumer and producer surplus by using areas of triangles. (c) Calculate the consumer and producer surplus by using integration. Problem 2. For a product, the demand curve is p = 55 q2 and the supply curve is p=5+f. (a) Graph both curves by hand. Find and label the equilibrium point. Shade / color / label the areas corresponding to the consumer and producer surplus. (b) Calculate the consumer and producer surplus

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