QUESTION 1 (10 MARKS) A single storey terrace house has a demand given by p(x) = -5x + 700, where x is the number of houses rented and p is the price for each house, in RM. The cost maintaining the house is RM450 per rented house. There are fixed costs of RM7 000. Show that the profit function, P(x) =-5x3 + 250x -7000. (3 marks) ii. Find the number of houses to be rented to maximize profit. (2 marks) 111. Find the price of houses are rented at when the profit is maximized. (1 mark) iv. Suppose the supply model for the sale of a single storey terrace house is. p(x)=-2900+55x+ 2x3 . Calculate the equilibrium price and quantity. Solve the quadratic equation by using quadratic formula. (4 marks)