Question: Suppose that the market demand function for cows is Upper Q equals 1 comma 0 0 0 comma 0 0 0 p Superscript negative 2

Suppose that the market demand function for cows is
Upper Q equals 1 comma 000 comma 000 p Superscript negative 2Q=1,000,000p2,
where Q is the number of cows per month and p is the price per cow. The market supply function is
Upper Q equals pQ=p.
a.What are the equilibrium price and quantity of cows? What is the consumer surplus, the producer surplus, and welfare?
b. Now, suppose that the government provides a subsidy of
$100100
per cow. What are the new equilibrium price and quantity, the consumer surplus, the producer surplus, and welfare?
Enter your responses below as whole numbers.
Part 2
a. The equilibrium price is
$enter your response here.

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