Question: I need help with a. equilibrium Quantity and b. equilibrium Quantity. keep getting them wrong. Consider a competitive market served by many domestic and foreign

I need help with a. equilibrium Quantity and b. equilibrium Quantity. keep getting them wrong.

Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms' product is Qd = 1200 - 2.5P. The supply function of the domestic firms is QSD =100 + 1.5P, while that of the foreign firms is QSF = 200. Instructions: Enter your responses for equilibrium price rounded to the nearest penny (two decimal places). Enter your responses for equilibrium quantity rounded to one decimal place. a. Determine the equilibrium price and quantity under free trade. Equilibrium price: $ 225. Equilibrium quantity: 563 units b. Determine the equilibrium price and quantity when foreign firms are constrained by a 100-unit quota. Equilibrium price: $ 250. Equilibrium quantity: 950 units

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