1. Suppose that the demand for broccoli is given by QD = 2,400 - 5P, and the supply, by QS = 5P -100.Compute the industry equilibrium output and price. Show your logic and work.Graph the equilibrium below. Label the axes and the values of the intercepts and the equilibrium.Indicate the area that represents consumers’ surplus and compute it. Show your work.Indicate the area that represents producers’ surplus and compute it. Show your work.

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