Consider a competitive market served by many domestic and foreign firms. The domestic demand for these firms' product isQ^d= 600 - 2P.The supply function of the domestic firms isQ^SD=200 + 1P,while that of the foreign firms isQ^SF= 250. Please show the work.

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

Equilibrium price = $50

600 - 2p= 450+P

150=3p

P= $50.00

Equilibrium Quantity= ? My answer was 250 units (incorrect

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

i.Equilibrium Price=

ii.Equilibrium Quantity=

Enter your responses for equilibrium price rounded to the nearest penny (two decimal places). Enter your responses for equilibrium quantity rounded to one decimal place.