Suppose the wholesale supply and demand function for candy is given by:

Suppose the wholesale supply and demand function for candy is given by:

p = S(q) =  q

p = D(q) = 70 -  q

q is the number of pounds of the candy, and p is the price per pound

1. Find the equilibrium quantity, q, for the candy
2. Find the equilibrium price, p, for the candy
3. Find the consumer's surplus:  D(q) - p dq; explain what this value means in the context of the problem
4. Find the producer's surplus:  p - S(q) dq; explain what this values means in the context of the problem