Inverse function of market demand for certain good is equal to $P=100-0.25Q$, inverse supply function is $P=20+0.55Q$. Calculate equilibrium price and quantity. Furthermore calculate consumer and producer surplus.
Equlibrium price and quantity i think i know how to calculate: $$20+0.55Q=100-0.25Q$$ and this will be the quantity whereas the price will be (substituting Q with value calculated above): 20+0.55Q=P am i correct with this? I am lost with consumer/producer surplus need more help. edit: I have and idea about consumer/producer surplus: consumer: $0.5 \times 100 \times 25=1250$ and producer $100 \times 55 \times 0.5=2750$ is this correct?