The following relations describe monthly demand and supply for a computer support service catering to small business: QD=3000-10P; and QS=-1000+10P

The following relations describe monthly demand and supply for a computer support service catering to small business: QD=3000-10P; and QS=-1000+10P. Where is the number of business that need services and P is the monthly fee, in dollars. i. What is the equilibrium price/output level? (2 Marks) ii. Suppose demand increase and leads to a new demand curve: Qo=3500-10P. What are the new equilibrium P and Q? (2 Marks) iii. Suppose new suppliers enter the market due to the increase in demand so that the new supply curve is Qs=-500+10P. What are the new equilibrium price and equilibrium quantity? (2 Marks) b. State and explain whether the following statement is True, False or Uncertain. “The market for drug production is characterized by both lengthy periods of patent protection and the need for FDA permission to market products. Claim: this market will be characterized by production at the minimum level of average cost in the long run." You should fully explain your answer as 3 marks will be given based on your explanation. (4 Marks)