Market surveys of suppliers of a particular product have resulted in the conclusion that supply…

Market surveys of suppliers of a particular product have resulted in the conclusion that supply function is approximately quadratic in form. Suppliers were asked what quantities they would be willing to supply at different market price. Resulting of the survey indicated that at market price of shs.25, sh.30 and sh .40 the quantity which suppliers would be willing to offer to the market were112.5, 250 and 600 thousand, units respectively. i) Determine the equation for the sup ply function ( 8mks) ii) Sketch the quadrati9c supply function ( 2mks) iii)what quantity will be supplied at a price of sh.50. ( 2mks)