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5. Suppose that the market for milk can be...

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Accounting

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5. Suppose that the market for milk can be represented by the following equations: Demand: P = 12 - 0.50 Supply: P=0.1Q a. What is the equilibrium price and quantity? (10 points) b. What is the price when quantity demanded is zero? (5 points) c. What is the quantity demanded when price is zero? (5 points) d. What is size of producer surplus at the equilibrium price and quantity? (5 points) e. What is the size of consumer surplus at the equilibrium price and quantity? (5 points)

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