What is the equilibrium price of wheat

Reference no: EM13186730

If the demand curve for wheat in the United States is P = 12.4 - $Q{p}$ where P is the farm price of wheat (in dollars per bushel) and is the quantity of wheat demanded (in billions of bushels), and the supply curve fo wheat in the United States is P = -2.6 + 2Qs

where Qs is the quantity of wheat supplied (in billions of bushels), what is the equilibrium price of wheat? What is the equilibrium quantity of wheat sold? Must the actual price equal the equilibrium price? Why or why not?

Reference no: EM13186730

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