Answer the following economics questions.

QUESTION FIVE (a) There are 10,000 identical consumers in the market for commodity x, each with a demand function given by Qd = 12-2P. and 1,000 identical producers of commodity x, each with a function given by Qax = 20P . where: Q x is the quantity demanded of commodity x. Q x is the quantity supplied of commodity x. P. is the price of commodity x. Required: (i) Obtain the market demand and the market supply functions of commodity x. (3 marks) (ii) Obtain market demand and market supply schedules of commodity x and determine the equilibrium price and equilibrium quantity. (4 marks)QUESTION FIVE (a) In a perfectly competitive market, a firm's average revenue and cost functions are given as follows: AR = x Q-B where a, S are constants and Q is the output AC = D - B AR is the average revenue and AC is the average cost. Q on the basis of the functions given above, determine: Total revenue function. (2 marks) ii) Total cost function. (2 marks) Total break-even output level. (2 marks)