[See Solution] For a farm commodity, rye grain in 2002, the price-demand and price-supply equations are given by: Price - demand equation: p = -0.01x +
Question: For a farm commodity, rye grain in 2002, the price-demand and price-supply equations are given by:
Price - demand equation: p = -0.01x + 26.38
Price - supply equation: p=0.005x-9.02
where the price is dollars per bushel, and x is in billions of bushels
- Find the quantity of grain supplied at equilibrium
- Find the price per bushel at equilibrium
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