Answer THREE questions including #1. All quantitative operations leading to answer Written materials must be neatly presented; sloppy presentations will be penalized done independently. A lack of adherence to this rule will lead to a grade reduction submitted work. (1). Consider a market described by the following equations : Q = - 3 +3P .......... . (1) Q = 25 - P^2........... ..... (2) a) Explain what is meant by a market in the context of both equations. b) Briefly describe the market behavior exemplified by each of the two equation c ) Determine the equilibrium price and equilibrium quantity transacted in this m d) Find the price elasticity of demand at equilibrium and interpret your result. ) The estimated demand function for commodity X is given by the equation be Qdx = 20 - 1.5Px + 2.0 Income- 1.25Py mers of this pr