Can you please help me with step by step explanation of the following question Suppose the market demand and supply functions are Q D 58,200 310P and Q S 90P 1400 You have just graduated and moved to this city as a new MBA and an entrepreneur, you are considering entering the market for this product a Determine the equilibrium price and quantity in this market b You've researched and found that most firms in the market currently experience costs such that TC 220 210Q 4 1Q 2 0 06Q 3 Determine whether or not you should enter this market Use graphs to support your answer (Remember that you can Format Axis and change the Minimum and Maximum Bounds of your axes to zoom in to a graph in Excel ) c Due to unforeseen delays, you don't enter the market However, a year later the market supply has changed to Q S 90P 3400 Are you surprised at this shift in supply d Given the new supply conditions, determine whether or not you should enter the market

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Question: Can you please help me with step by step explanation of the following question: Suppose the market demand and supply functions are Q D =

Can you please help me with step by step explanation of the following question:

Suppose the market demand and supply functions are Q_D = 58,200 - 310P and Q_S = 90P - 1400. You have just graduated and moved to this city; as a new MBA and an entrepreneur, you are considering entering the market for this product.

a.Determine the equilibrium price and quantity in this market.

b.You've researched and found that most firms in the market currently experience costs such that TC = 220 + 210Q - 4.1Q² + 0.06Q³. Determine whether or not you should enter this market. Use graphs to support your answer. (Remember that you can Format Axis and change the Minimum and Maximum Bounds of your axes to "zoom in" to a graph in Excel.)

c.Due to unforeseen delays, you don't enter the market. However, a year later the market supply has changed to Q_S = 90P + 3400. Are you surprised at this shift in supply?

d.Given the new supply conditions, determine whether or not you should enter the market.

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