Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum
?QD?=?92 - 2Px?(Demand)
?QS?=?-16 + Px?(Supply)
where Q is quantity measured in pounds of scrap aluminum and P is price in dollars.
Complete the following table:
A. What is the condition for market equilibrium?
B. Calculate the market equilibrium price and equilibrium output?
C. What is the inverse demand curve P = f (QD)?
D. Compute the consumer surplus at the equilibrium price.
E. What is the inverse supply curve P = f (Qs)?
F. Compute the producer surplus at the equilibrium price.