a) Determine the equilibrium point. Sketch the graph of the demand and supply functions on the same set of axes showing the equilibrium point and the area of the graphs which are the consumers' surplus and producers' surplus.
It finds the equilibrium point given the demand and supply equations. It also shows how to determine the consumer's surplus and the producer's surplus at equilibrium demand. The solution is detailed and was rated '5/5' by the student who posted the questions.