1. Use the equations below (developed from regression outputs) find the equilibrium price and quantity for this product. (35 points)
$Q_t = 123.4 + (6.82 \,P_t) - (41.2 \,Lime_t) + (0.28 \,Pop_t) - (0.147 \,Trade_t)$
$P_t = 29.5 - (0.06Q_t) + (0.25 \,B_t) + (0.042 \,Y_t) - (0.42 \,Rye_t)$
Where: $Q_t$ = Quantity of Wheat (tons)
$P_t$ = Price of Wheat ($ per ton)
$Lime_t$ = Lime price ($ per ton) = $25
$Pop_t$ = Population (millions) = 332
$Trade_t$ = Dummy Variable for Trade embargo = .39
$B_t$ = Price of Bread ($ per loaf) = 1.60
$G_t$ = Number of Gluten-free Consumers (millions) = 26.6 million
$Y_t$ = Disposable US Income (trillion $) = value is 14.70
$Rye_t$ = Rye Production (thousand tons) = 270