The accompanying table shows the supply and demand schedules for used copies of the second edition of this textbook. The supply schedule is derived from offers at Amazon.com. The demand schedule is hypothetical.

a. Calculate consumer and producer surplus at the equilibrium in this market.
b. Now the third edition of this textbook becomes available. As a result, the willingness to pay of each potential buyer for a second-hand copy of the second edition falls by $20. In a table, show the new demand schedule and again calculate consumer and producer surplus at the new equilibrium.

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Price of book Quantity of books Quantity of books supplied demanded 50 35 25 17 14 12 10 8 $55 65 70 75 85 90 95 100 105 110 10 18 31 37 42 0