The demand and supply functions for a particular commodity are given by pD(q) = 16(q + 2)-1 – 3 and pS(q) = 1/3 (q + 1) respectively. Specifically, q thousand units of the commodity will be demanded (sold) by the consumers at a price of p = pD(q) per unit while q thousand units of the commodity will be supplied by the producers at a price of p = pS(q) per unit. 1. Classify the demand and supply functions in terms of monotonic increasing and monotonic decreasing, find the equilibrium price pe and quantity qe, and compute the consumer surplus at the point of equilibrium.

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