Consider a competitive market for hamburgers. Restaurants would be willing to supply 50 pieces of hamburgers at price of Php 50.00, 200 pieces at Php 200.00, 300 pieces at Php 300.00 and 400 pieces at Php 400.00. Consumers of hamburgers are willing to purchase 150 pieces at Php 350.00, 200 pieces at Php 300.00, 300 pieces at Php 200 Pesos, 400 pieces at Php 100.00.

a. Draw the market supply and demand curve.

b. Solve for the market demand function and market supply function.

c. Solve for the equilibrium price and quantity.

d. Explain the concept behind equilibrium, price and quantity.