Given the following demand and supply curves: (a) Qd=-P+10 and (b) Qs=P.
a) calculate the inverse demand function (provide below) and graph the two lines
b) Calculate and label the Consumer Surplus and Producer Surplus
c) Add an additional line for marginal revenue (note the slope of the marginal revenue line is twicethe demand curve), graph the demand, perfectively competitive supply, and the marginal revenue line . Identify the following areas on the new graph: (a) deadweight loss to the economy, (b) consumer surplus, and (c) producer surplus in this new market environment