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.