Question: In the market for corn, the following are the demand and supply functions. 15-2Pcorn; Qcorn = 9+4Pcorn - 2Pfuet Qcorn 1. What is the

$In the market for corn, the following are the demand and supply functions. ( Q_{text {corn }}^{d}=15-2 P_{text {corn }} ;$

In the market for corn, the following are the demand and supply functions. 15-2Pcorn; Qcorn = 9+4Pcorn - 2Pfuet Qcorn 1. What is the equilibrium price and quantity if the price of fuel is $1.50 2. Explain why the price of fuel features in the supply function. 3. What do you think will happen in the market if the price of fuel rises to $3.00? Illustrate with a rough graph. 4. Calculate the equilibrium price and quantity when the price of fuel rises to $3.00? Does your answer agree with your prediction in 3?

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