Question: Using the demand function, Q = 14 - p- 5ps + 0.1Y, and the supply function, Q = 20 + 3p - 6pc, for

Using the demand function, Q = 14 - p- 5ps + 0.1Y,

Using the demand function, Q = 14 - p- 5ps + 0.1Y, and the supply function, Q = 20 + 3p - 6pc, for bread, determine the equilibrium price and quantity of bread if Y = $60,000 (Y is measured in thousands), ps = $2, and pc = $3. Draw the demand and supply curves and illustrate this equilibrium in a diagram.

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