In a hypothetical market

The demand equation is given as: P = 62 – 2Q

The supply equation is given

Question

In a hypothetical market,

The demand equation is given as: P = 62 – 2Q

The supply equation is given

as: P = 13 + 3Q.

Assuming a monopoly market with Q = 7:

1) What is the monopoly market price?

2) What is the consumer surplus?

3) What is producer surplus?

4) What is the total weah?

5) what is the Deadweight Loss relative to a perfectly competitive market?

Economics