Answer
See the graph attached.
Work Step by Step
The equilibrium price and quantity can be found at the intersection of the demand and supply curve where the total quantity demanded by consumers is equal to the total quantity supplied by producers. In this graph, it occurs where quantity = Q1 and Price = P1.
Total revenue received by producers can then be found using the following formula:
Total Revenue =
Total Quantity Supplied $\times$ Price
= Equilibrium Quantity $\times$ Equilibrium Price
= P1Q1
