Elucidate the actual cost

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Q. If the demand curve for wheat in the United States is P=12.4 - Q_D where is the P is the farm price of wheat (in dollars per bushel) and Q_D is the quantity of wheat demanded (in billions of bushels), also in the United States (US) supply curve for wheat is P= -2.6 + 2Q_S where Q_s is the quantity of wheat supplied (in billions of bushels), Elucidate the equilibrium cost of wheat? Elucidate how much the equilibrium quantity of wheat sold? Elucidate the actual cost which is equal to the equilibrium cost? Why or why not?

Reference no: EM137843

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