Question

The total demand for wheat in the U.S. is given by Qd = 1750 - 130 P. Domestic supply is given by, Qs = 1000 + 170 P. Price is measured in dollars/ton and quantity is measured in thousands of tons. The equilibrium price and quantity of wheat are:

Answer 1

Equilibrium price is $2.50

Quantity of wheat is 1,425 tons

Step-by-step explanation:

Please refer to the attached file.