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OY Problem 3 demand cure or supply and Suppose that the inverse) demand function is given as p = - +50, and the inverse) supply functien is given as p = q + 10, where p is price of the good and q is the quantity of the good. Answer each of the 4 following (a) Derive the optimal quantity and price of the good when the market is perfectly competitive. (4 points) (b) Calculate the consumer surplus, supplier surplus, and social surplus when the market equilibrium obtained from (a) is realized. (4 points) (C) Suppose that the government regulates the price of the good to be 40. If the supplier behaves to maximize the profit, what are the quantity sold in the market, consumer surplus, supplier surplus, and social surplus? (4 points) ملار