Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms' product isQ^d= 800 - 1.5P.The supply function of the domestic firms isQ^SD=150 + 0.5P,while that of the foreign firms isQ^SF= 250.

a. Determine the equilibrium price and quantity under free trade.

Equilibrium price: $

Equilibrium quantity:units

b. Determine the equilibrium price and quantity when foreign firms are constrained by a 100-unit quota.

Equilibrium price: $

Equilibrium quantity:units