Question: Suppose the demand function for avocados is Q = 104 - 40p + 20p Subscript + 0.01Y where p is the price ofavocados, p Subscript

Suppose the demand function for avocados is

Q = 104 - 40p + 20p Subscript + 0.01Y

where p is the price ofavocados, p Subscript t pt is the price oftomatoes, and Y is averageincome, and the supply function for avocados is

Q = 58 + 15p 20p Subscript f pf, where p Subscript f pf is the price of fertilizer.

Suppose p Subscript t pt = $0.80 , Y = $4000 and pf = $0.40 . What is the equilibrium price and quantity ofavocados?

The equilibrium price of avocados is p = $

and the equilibrium quantity is . Q =

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