Given the estimated market demand and supply functions for coffee as: Qd= 85.6 -10P -3Ps +Y and Qs= 96 + 5P - 2Pc, respectively, whereQd is the quantity demand, Qs is the quantity supplied,P= price of coffee, Ps= price of sugar =0.20; Y= $55,000 (note Y is income measured in thousands, so the value to use here is $55), and Pc= price of cream=$5.(20 points)

a. Find the demand function at the given values for Ps, Y, and Pc.

b. Find the supply function at given value of the price of cream (Pc).

c. Determine the market equilibrium price and quantity, given the market demand and supply.

d. Using the market demand and supply functions and the equilibrium price and quantity in (c), graph the market equilibrium price and quantity.

e. List the factors which affect the demand and supply sides of the market for coffee.