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Assume the following: Consider the following demand and supply functions for cask wine. Qd = 40 - 10p Qs = -20 + 20p Where, Qd

Assume the following: Consider the following demand and supply functions for cask wine. Qd = 40 - 10p Qs = -20 + 20p Where, Qd = quantity of cask wine demanded Qs = quantity of cask wine supplied; and P = price of cask wine. Use the information above to answer the following questions: a) Draw (to rough scale) and fully label the demand and supply functions for cask wine showing the appropriate intercepts for the price axis and quantity axis for the two functions (excluding the quantity axis intercept for the supply function which of course will be negative).

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