00:01
Okay, so for the first question here for 1 .1.
00:04
So to find the equilibrium price and quantity, so we can set here qd equal to qs, so that would be 1 ,600 being minus 125p, to be equal to 440 plus 165 p.
00:22
We combine like terms and solve for p.
00:25
So p here is equal to 1 ,160, divided by 2 .9.
00:30
Which is equal to four, and then substitute p into either demand or supply equation to find q.
00:41
So we can say that q here, would be equal to 1600 minus 125 times four, and therefore we get that the equilibrium quantity is going to be at 1 ,100 million.
01:01
Bushels.
01:09
All right.
01:10
And then for the next part of the question here, 1 .2, to determine the quantity supplied at the support price, that's going to be q sub s, which is going to be 440 plus 165 times 4 .5...
