Q.2(20 points)Bert, as a consumer, places the value on a pair of jeans as follows.

Value of first pair: $30 Value of second pair: $28 Value of third pair: $26 Value of fourth pair: $24 Value of fifth pair: $21 Value of sixth pair: $19 Value of seventh pair: $17

Ernie, as a producer, pays the following cost to produce jeans.

Cost of first pair: $12 Cost of second pair: $15 Cost of third pair: $17 Cost of fourth pair: $19 Cost of fifth pair: $21 Cost of sixth pair: $24 Cost of seventh pair: $26

Using the information given above, answer the following questions.

(1) Derive the quantity demanded and the quantity supplied at the price of $17.

(2) Derive the equilibrium price and compute the sizes of the consumer and the producer surpluses at the equilibrium price.