Suppose that the demand for a concert is represented by the following equation, where P is the price of concert tickets and Q D is the quantity of tickets demanded: Q D = 2200 - 24P The supply of...

Suppose that the demand for a concert is represented by the following equation, where P is the price of concert tickets and Q_D
is the quantity of tickets demanded:


Q_D
= 2200  - 24P


The supply of tickets is represented by the equation where P is the price of the tickets and Q_S
is the quantity of tickets supplied:


Q_S
= -500 +79P


Give all answers to two decimals.

1.  Find the equilibrium price and quantity of tickets sold.

2.  Calculate the consumer surplus and producer surplus at the equilibrium price and quantity. Use the formula for the area of a triangle, (½ × base × height), to calculate each value.