Question: QUESTION 1 20 points The demand function for Product X is Qd = 100 - 2P and its supply function is Qs = -20 +

QUESTION 1 20 points The demand function for Product X is Qd = 100 - 2P and its supply function is Qs = -20 + P where P is the price of Product X in dollars while Qd is the quantity demanded and Qs is the quantity supplied (both expressed in thousands of units). Part 1 What are the equilibrium price and quantity? (3 points) . What is the consumer surplus in the market for Product X? (2 points) What is the producer surplus in the market for Product X? (2 points) What is the total surplus in the market for Product X? (1 point)

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