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Question 1 (20 marks) Suppose a company called GlacierTech produces glasses for smart phones and possess a market share of 25%. The market demand Q; and market supply Q5 are both linear functions in market price P given by: 62:: = 3P + 100, and Q; = 2P 40. {1) Suppose that market clearing can be reached expressed as Q = Q, and that market demand} supply is a linear function of Glaciel'Tech's supply Q (which is your job to specify). Hence, the price P and GlacierTech's supply Q satises a system of linear equations in matrix form given by A[:; #35] where A is a 2 x 2 coefcient matrix you need to work out. QC; = 3P + 100. and Q. = 2P 40. [1) Suppose that market clearing can be reached expressed as Q5 = Q, and that market demandlsupply is a linear function of GlacierTech's supply Q (which is your job to specify). Hence, the price P and GlacierTech's supply Q satises a system of linear equations in matrix form given by AlSl-llf'l where A is a 2 x 2 coefcient matrix you need to work out. Specify the relation between 6).; (hence Q5) and Q, and write down the values of matrix A without any further explanation. [2) Solve, step by step, the system of linear equations in the above question using Cramer's rule. Explain your answers carefule [3) In the same market, suppose the government enforce a policy on the price and market sales volume (in terms of Q) as follows: P = 2Q +90. Do you think market-clearing can still be reached? Explain