Question: (a) Suppose the supply function for a product is p = 0.1q2 + 1 and the demand function is p = 85 - 0.2q -

(a) Suppose the supply function for a product is p = 0.1q2 + 1 and the demand function is p = 85 - 0.2q - 0.1q2. Sketch the first-quadrant portion of the graph of each function. Use the same set of axes for both and label the market equilibrium point.

(b) Use algebraic methods to find the equilibrium price and quantity?

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