Equilibrium market price and quantity traded

Equilibrium market price and quantity traded

Macroeconomics

The U.S. Department of Agriculture has estimated (using statistical analysis) that the market for corn is characterized by a market demand given by QD = 200 – P, while the market supply is QS = 50 + 14 P.

Given this information, the equilibrium market price and quantity traded are:

• P = $15, Q = 185.
• P = $8, Q = 192.
• P = $10, Q = 190.
• None of the above.