Question: a) The demand function of a product is given as: (p+10) (q + 20) = 1000 The supply function is given as: q- 4p

a) The demand function of a product is given as: (p+10) (q

a) The demand function of a product is given as: (p+10) (q + 20) = 1000 The supply function is given as: q- 4p + 10 = 0 i) Determine the equilibrium price and quantity ii) Determine the producer surplus under market equilibrium b) State and explain the types of returns to scale

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