1. Given the following supply and demand functions, Qd = 24 – 0.5P and Qs = XXXXXXXXXX5P a. Complete supply and demand schedules belowb. Graph them on a grid belowc. Calculate the equilibrium...

1. Given the following supply and demand functions, Qd = 24 – 0.5P and Qs = -4 + 0.5P a. Complete supply and demand schedules belowb. Graph them on a grid belowc. Calculate the equilibrium priced. Calculate consumer and producer surplus if the market operates at equilibriume. If producers limit output to 8 units and charge consumers according to their demandschedule:Calculate the consumer and producer surplusWhat has been the total welfare loss due to this action by the producers?Has this nonetheless been a good move from the point of view of the producers? Explain your answer.