Suppose there are three buyers in the market with the following demand curve functions: P1=200.1QP2=200.2QP3=350.2Q The market supply is given as: 100+5P a) Determine the market demand function. b) Determine the market equilibrium price and quantity. c) Suppose that the price is fixed at RM18 per unit. What will happen in the market? d) Let demand rise to Q=70015P. What are the new equilibrium price and quantity? QUESTION 2 An oligopolistic firm has the following demand curve functions: P1=481.8Q1P2=642.4Q2 i) Compute the price and output levels at the kink. ii) Find the value of MR1 and M2 at the kink. iii) If marginal cost is constant at RM15 at all levels of output, determine the optimal output rate and the price for the product