Assume a demand

$$

$$equation:

Upper Q Subscript d Baseline equals

$9$

$$minus

$0$

$.$

$1$

$$p minus p Subscript b Baseline plus

$0$

$.$

$0$

$1$

$$p Subscript cm Baseline plus

$0$

$.$

$0$

$0$

$0$

$1$

$$Upper Y

$$

;

and a supply

$$

$$equation:

Upper Q Subscript s Baseline equals

$0$

$.$

$1$

$$p minus

$0$

$.$

$0$

$2$

$$p Subscript fg Baseline plus

$0$

$.$

$0$

$1$

$$Upper N plus

$0$

$.$

$0$

$1$

$$Upper T minus

$0$

$.$

$1$

$$w

$$

where:

p

$$

$=$

$$price of lobster

Q

$$

$=$

$$quantity in thousands of units

p Subscript b

$$

$=$

$$price of butter

$$

$=$

$$$

$3$

p Subscript fg

$$

$=$

$$ price of fishing gear

$$

$=$

$$$

$4$

$5$

$0$

p Subscript cm

$$

$=$

$$price of crab meat

$$

$=$

$$$

$2$

$0$

$0$

N

$$

$=$

$$number of firms

$$

$=$

$7$

$0$

$0$

Y

$$

$=$

$$consumer income

$$

$=$

$$

$

$6$

$0$

$$comma

$0$

$0$

$0$

T

$$

$=$

$$index of technology

$$

$=$

$3$

$0$

$0$

w

$$

$=$

$$wage rate

$$

$=$

$$

$

$3$

$0$

$$

Part

$2$

The equilibrium price of lobster is

$$

$

$$

$$

enter your response here

$$

$($

enter your response as a whole number