Suppose that the demand curve for soybeans has the equation p = -2.2q +19.36 and the supply curve for soybeans has the equation p = 1.5q + 9, 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 soybeans is $16.50 per bushel.
(b) Determine the equilibrium quantity of soybeans that will be produced and the price at which it will sell.