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Problem
Question no. $10A:$ Market surveys of suppliers of a particular product have resulted in the conclusion that the supply function is approximately quadratic in $torm$ Suppliers were asked what quantities they would be $willing$ to supply at different market prices. $The$ results of the survey indicated that at market prices $ots25$ $s30$ and $S40$ the quantities which suppliers would be willing to offer to the market were $112.5.250and$ $600$ (thousands) units, respectively. Determine the equation of the quadratic supply function? Question no. $10B:$ A consumer survey was conducted to determine the demand function for the same product $as1n$ the previous example discussed for supply function. The researchers asked consumers if they would purchase the product at various prices and from their responses constructed estimates of market $dcmanC$ at various market prices. After sample data points were plotted, it was concluded that the demand relationship was estimated best by a quadratic function. The researchers concluded that the quadratic representation was valid for prices $0c1N<en$ 5 and $S45$ Three data points chosen for fitting the curve were $c\left(5.2025\right)$ $\left(10.1600\right)$ $and\left(20.900\right)$ Determine the equation of the quadratic $DcmanC$ function?