Question: 1. 3.4 The demand function for milled rice in India in Question 1.1 is Q = 17- 3p + 5pw + 6pm + 0.1Y and

1. 3.4 The demand function for milled rice in India in Question 1.1 is Q = 17- 3p + 5pw + 6pm + 0.1Y and the supply function in Question 2.1 is Q = 8 + 9p- 12pr. Solve for the equilibrium price and quantity in terms of the price of wheat, pw, the price of maize, pm, and average annual income, Y. If pw = 11 (thousand rupees per ton), pm = 11 (thou sand rupees per ton), pr = 12 (thousand rupees per ton), and Y = 384 (thousands of rupees), what are the equilibrium price and quantity? (Round your responses to one decimal place.) M

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