Recently, the spot market price of u. s. hot rolled steel plummeted to $400 per ton. just one year ago, this same ton of steel cost $700. according to metals monitor, the drop in price was due to falling oil prices, along with a rise in cheap imports and excess capacity. these dramatic market changes have greatly impacted the supply of raw steel. suppose that last year the supply for raw steel was qsraw= 600 + 4p, but this year it has shifted to qsraw = 4,200 + 4p. assuming the market for raw steel is competitive and that the current worldwide demand for steel is qdraw = 9,000 – 8p, compute the equilibrium price and quantity for the steel market one year ago, and the equilibrium price–quantity combination for the current steel market. price one year ago: $ one year ago: for current market: $ for current market: the cost function of a representative steel producer is c(q) = 1,200 + 15q2.how much raw steel does a representative firm produce when the market price is $ much raw steel does a representative firm produce when the market price is $