Question: 2. (11) Suppose the estimated supply function for avocados is given by Q S = 58 + 15 p - 20 p f , where

2. (11) Suppose the estimated supply function for avocados is given byQ_S = 58 + 15p -20p_f , wherep_fis the price of fertilizer. The estimated demand for avocados is given byQ_d = 144 -40p +20p_t , wherep_tis the price of tomatoes per pound.

(3) Solve for the initial equilibrium price and quantity of avocados if the price of fertilizer,p_f,is equal to $0.40 per lb. and price of tomatoes,p_t, is equal to $0.80 per lb.

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