Problem: Consider three supply & demand scenarios in this question. In each case, we have a perfectly competitive market and the market demand curve is given by P = $100 - Q where P is the market price and Q is the market quantity. In the first scenario, the market supply curve is given by P = $50. In the second, the market supply is given by P = Q and in the third, the market supply is given by Q = 50
For each scenario, calculate the equilibrium price and quantity, the total consumer surplus, and the total producer surplus.