Q. No. 3 (Marks 06) A). A market consists of three customers, AB and C, whose individual demand equations are as follows: A: P=35-0.5QA B: P =50 - 0.25QB C: P =40-2.00Qc The industry supply equation is given by Qs = 40 + 3.5P a). Determine the equilibrium price and quantity. b). Determine the amount that will be purchased by each individual. (03) B). Q = 100V2L. A -346 490 - - 600 - 692 - 775 - 846 5 - 316- 448 - 548 632 705 775 4 282 400 490 - 564 632 692 Land 3 245 346 423 490 - 548 - 600 2 200 282 346 400 448 - 490 141 200 245 282 316 346 5 Labor Consider the above production function and explain following queries. i). What is meant by Marginal Product of Labor (L) and Land (A)? (1) ii). Find MP, if A = 1. Find MPA ifL =2. (1) iii). Why Marginal Product of a factor decline as more units of the variable inputs are used? (1)