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The wheat market has the following supply and demand functions: QD = 98 - 4Pw+ 0.2I QS = -6 +4Pw-2Pc-Pf Where Pw is the price of wheat (per bushel), Q is the quantity of wheat in bushels, I is the average consumer's daily income, Pc is the price per bushel of corn, and Pf is the price of tractor fuel per gallon.
a. Using the supply and demand equations for wheat, solve for the equilibrium price and quantity of wheat as functions of I, Pc, and Pf.
b. Assume that the consumers' daily income is $200, the price per bushel of corn is $4, and the price of tractor fuel $2 per gallon. Derive the equations for the demand and the inverse demand curves. Draw this demand labeling as many points as you can. Indicate the regions where the demand is elastic, unit elastic, and inelastic.
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