Question: question 2 Question 2 (4 Marks) The weekly supply for petrol (in thousands of units) is given by the equation P = 3 +20, and

question 2

Question 2 (4 Marks) The weekly supply for petrol (in thousands of units) is given by the equation P = 3 +20, and the weekly demand is given by the equation P = 9 -Q, where P is the price in dollars. a) Find the equilibrium price and quantity. b) Calculate the weekly producer surplus. c) Calculate the weekly consumer surplus. d) Calculate the total weekly economic surplus generated at the market equilibrium

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