Question: In a perfectly competitive market, demand is QD = 32 - 1.5P and supply is QS = -20 + 2.5P. Find equilibrium price and quantity and producer and consumer benefits. Say an innovation then lowers every seller's marginal costs by $5 at all outputs. Find the new price, quantity, and producer and consumer surpluses. The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.