Answer
Equilibrium price = 8 dollars
Equilibrium quantity = 6
Work Step by Step
The equilibrium price should be where both producer and consumer surplus are maximized, which takes place at 8 dollars, as referring to the tables, the lowest value of consumer surplus and producer surplus at that price is 0, and there are no negative surpluses. Thus, since society's surplus is maximized, it is indicative that it is allocatively efficient by the free market and thus the equilibrium price
Calculation for equilibrium quantity:
Total producer surplus = 5 + 4 + 3 + 2 + 1
= 15
Producer surplus triangle = 0.5 $\times$ price $\times$ quantity
Producer surplus = 0.5 $\times$ (8-3) $\times$ quantity
15 = 2.5(quantity)
Quantity = 6
