Suppose that the demand curve for corn has the equation p = -.15q + 6.925 and the supply curve for corn has the equation p = .2q + 3.6, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels.
(a) Find the quantities supplied and demanded when the price of corn is $5.80 per bushel.
(b) Determine the equilibrium quantity of corn that will be produced and the price at which it will sell.