Question: Question 4: [20 marks] A demand function for a product is P100 -2.20 and its supply function is P2.80, where Pisthe price of the product

Question 4: [20 marks] A demand function for a product is P100 -2.20 and its supply function is P2.80, where Pisthe price of the product in pound sterling (). Determine: (a) the market equilibrium quantity (Q.) and price (P) (6 marks) (b) the consumer surplus at market equilibrium (7 marks) (c) the producer surplus at market equilibrium (7 marks) --END OF ASSIGNMENT

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