Question: A supply function and a demand function are given. (a) Sketch the first-quadrant portions of those functions on the same set of axes. (b) Label

A supply function and a demand function are given.

(a) Sketch the first-quadrant portions of those functions on the same set of axes.

(b) Label the market equilibrium point.

(c) Algebraically determine the market equilibrium point.

1. Supply: p = q2 + 8q + 16

Demand: p = 216 - 2q

2. Supply: p = ΒΌ q2 + 10

Demand: p = 86 - 6q - 3q2

3. Supply: p = q2 + 8q + 22

Demand: p = 198 - 4q - 1/4q2

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