1. The market demand and market supply functions for a product are given by the following equations. D=1003P QS=10+2P Where, Q\" is the quantity demanded, QS is the quantity supplied and P is the price of the product a) Does the market exhibit an excess demand or excess supply at the prices 10 and 20'? Explain. (1 mark) b) Draw the market demand and market supply curves for the product on a diagram (1 mark) c) What are the equilibrium price and equilibrium quantity of the product? (1 mark)