Suppose that supply and demand for a certain commodity are described by the following supply and demand curves:
Supply: p = 0.0001q + 0.05
Demand: p = -0.003q + 91.19
(a) Determine the quantity of the commodity that will be produced and the selling price (that is, find the equilibrium point, where the quantity q produced and the price p charged, stabilize).
(b) Graph the supply and demand equations above (in the same qp-plane) and label the equilibrium point.