Question 1: Supply.r and Demand {5 marks} Suppose the demand and suppl},r functions for wine are given by Qd = k Lip and Q5 2 1 + 3P respectively, where k is a constant parameter. Find the market equiJibrium price and quantity in terms of k. In each of the following castes1 sketch the {lemand and supplyr functions and indicate the equilibrium price and quantity: :1. k=3 h. 39:4 c. 5:22. NItI Mat happens when k =