The total demand for wheat in the U.S. is given by Qd = 1,750 ? 130P. Domestic supply is given by, Qs = 1,000 + 170P. Price is measured in dollars/ton and quantity is measured in thousands of tons. The equilibrium price and quantity of wheat are:
A. $2.50 a ton and 1,425 thousands of tons, respectively.
B. $2.50 a ton and 2,075 thousands of tons, respectively.
C. $4.78 a ton and 1,813 thousands of tons, respectively.
D. $4.78 a ton and 1,129 thousands of tons, respectively.
Answer: A
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