Exercise 2.3 Suppose that the supply and demand sets for a particular market are S= (q,p)vert 3p-q=5 , D= (q,p)vert 3p+q^2+2q=9 __ Sketch S and D and determine the equilibrium set E=Scap D . Comment briefly on the interpretation of the results. I

To find the equilibrium set , we need to find the intersection of the supply set and the demand set . This means we need to find the values of and that satisfy both equations.Let's start by solving the system of equations:1. 2. We can solve this system of equations using substitution or elimination method. Let's substitution method:From equation 1, we can express in terms of : Now, substitute this expression for into equation 2: Simplify the equation: Now, we can solve this quadratic equation using factoring or the quadratic formula. Let's use the quadratic formula: In this case, , , and . Plugging these values into the quadratic formula, we get: This gives us two possible solutions for : Now, we can substitute these values of back into the expression for to find the corresponding prices:For : For : So, the equilibrium set consists of two points: and .The interpretation of these results is that there are two possible equilibrium points in this market. The first point, , represents a higher quantity and price, while the second point, , represents a lower quantity and price. This suggests that there may be two different market conditions that can lead to equilibrium, depending on factors such as demand and supply.