Question: Use only the information given in a question to answer that questionassume ceteris paribus unless otherwise specified Consider a Perfectly Competitive market where the demand

Use only the information given in a question to answer that questionassume ceteris paribus unless otherwise specified

Consider a Perfectly Competitive market where the demand is given by P = 100 - Q.Use this same demand function for each part of the question.

a.Suppose the market supply is given by Q = 50.Calculate the equilibrium price, quantity, and total Producer Surplus.Draw the graph of the supply and demand functions.Show all calculations.

b.Suppose the market supply is given by P = Q.Calculate the equilibrium price, quantity, and total Producer Surplus.Draw the graph of the supply and demand functions.Show all calculations.

c.Suppose the market supply is given by P = 50.Calculate the equilibrium price, quantity, and total Producer Surplus.Draw the graph of the supply and demand functions.Show all calculations.

d. Explain what is happening to the total Producer Surplus and why

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