Question: Question 3 please explain with GRAPH, MATH CALCULATION AND LABELING WHAT REQUESTED BELOW Suppose there is a small island nation with no international trade but

Question 3 please explain with GRAPH, MATH CALCULATION AND LABELING WHAT REQUESTED BELOW

Suppose there is a small island nation with no international trade but capable of growing many types of vegetables. Consider the market for tomatoes on this island (and for our purposes, suppose the currency on this island nation is called dollars, a very original name).

Assume the demand for tomatoes of Q_d = 200 - 50P while supply is described by Q_s = 50P where P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms.

Calculate the equilibrium price and quantity in the market for tomatoes.

Graphically depict this outcome, labeling the demand curve as D₁ and supply curve as S₁.

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