The quantity that has to be supplied and demanded when the price of soybeans is $ 16.50 per bushel. If the demand curve for soybeans has the equation p = − 2.2 q + 19.36 and the supply curve for soybeans has the equation p = 1.5 q + 9 , where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels.

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Chapter 1.3, Problem 22E

(a)

To determine

To calculate: The quantity that has to be supplied and demanded when the price of soybeans is $16.50

per bushel. If the demand curve for soybeans has the equation p=−2.2q+19.36 and the supply curve for soybeans has the equation p=1.5q+9, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels.

(b)

To determine

To calculate: The quantity and the selling price of corn at equilibrium point. If the demand curve for soybeans has the equation p=−2.2q+19.36 and the supply curve for soybeans has the equation p=1.5q+9, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels.

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