1. List and explain the three types of values, and total willing to pay (TWP). 2. The demand curve for a product is given by QD = 400-20P and the supply curve for a product is given by QS = 16P-32. a. Illustrate the demand curve and the supply curve on the same graph. b. Find the equilibrium price and quantity. c. Find numerical values for the consumer surplus and the producer surplus. d. Identify consumer surplus and producer surplus on your graph. e. Find numerical values for the total willingness to pay for the equilibrium quantity and the total variable cost of supplying the equilibrium quantity. Identify these areas on your graph.