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

a. Find the quantity of grain supplied at equilibrium

b. Find the price per bushel at equilibrium