If market demand curve is given by Q=1000-250p and the market supply curve is given by Q=150p,where p is the price and Q is the quantity demand.a)what are the equilibrium price and quantity b) Determine price elasticity of demand at equilibrium c) Determine the consumer surplus at equilibrium d) Determine the producer surplus at equilibrium e)In the context of the problem, provide three reasons why demand might increase f)why supply might decrease?
