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3. You are president of operations of a manufacturing firm that sells jeans pants in a...

3. You are president of operations of a manufacturing firm that sells jeans pants in a competitive market. Your economist gives you the following supply and demand functions: Demand: P = 190 – 0.5*Qd Supply: P = Qs + 40 Quantity is measured in thousands of pants and price in dollars per pair of pants. Find equilibrium price and quantity , consumer surplus and producer surplus when the market is in perfectly competitive equilibrium, the deadweight loss a price cap of $80 would create in this market.

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