Demand and supply of wheat are:
Qd=2000-1000p and Qs = -500 + 1000p
Where Q is millions of bushels and P is price per bushel.
How do you figure out the equilibrium price and demand. I cannot find a good explanation of the formula to use.
Market Equilibrium is the state in which the demand for a good or service is equal to ...
Step-by-step solution is provided.