What is the market equilibrium price of rice

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The US market of rice is described by the following domestic supply and demand equations: QdUS = 200 – 2 P , QsUS = -100 + 3 P where QdUS and QsUS represent the quantities demanded and supplied (in millions of tons) and P is the price per ton of rice (in hundreds of $). a) What is the market equilibrium price of rice? How much rice is sold at this price (what is the market equilibrium quantity)? At this market price, what are revenues for rice producers?

Reference no: EM13999421

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