Suppose that Supply and Demand for widgets is given by the following set of equations $($use for q$3-$q$4)$:

$$

$$

$=$

$600$

$$

$30$

$$

Qd$=60030$P

$$

$$

$=$

$70$

$$

Qs$=70$p

Q$3$

HomeworkAnsweredDue Today, $11$:$59$ PM

What is the equilibrium price and quantity?

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a

Price $=6$ and Quantity $=420$

b

Price $=10$ and Quantity $=300$

c

Price $=15$ and Quantity $=200$

d

Price $=5$ and Quantity $=450$

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Q$4$

HomeworkUnansweredDue Today, $11$:$59$ PM

Calculate the Producer Surplus at the equilibrium price

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a

$1100$

b

$2940$

c

$1260$

d

$2520$