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Solution: If the demand curve for wheat in the United States is P = 12.4 - 4Q d where P is the farm price of wheat (in dollars per bushel) and Q d is the

Question: If the demand curve for wheat in the United States is

P = 12.4 – 4Q d

where P is the farm price of wheat (in dollars per bushel) and Q d is the quantity of wheat demanded (in billions of bushels), and the supply curve for wheat in the United States is

P = -2.6 + 2Q s

where Q s 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? (7 points)

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