Supply and demand functions for a product are: q = 50 (70 – 2p) and q = 70 (p – 2), where p = product price and q = number of products a. Determine the values ​​of qo and po from the above function. b. Find the Producers' Surplus and Consumers' Surplus values ​​in equilibrium. c. Interpret the results of point b above, and explain your explanation of the results of point b above

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.