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....

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.