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In 2001, the US market of sunflower oil was described by the following domestic supply and demand equations:
Qdus =5000-2p Qsus = -3000+8p
where Qdus and Qsus represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil(in$).
What was the market equilibrium rice per metric ton of sunflower oil? How many billions of metric tons were sold at this price (what was the market equilibrium quantity)? At this market price, what were revenues for US sunflower oil producers?
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