1)Suppose the market for corn is given by the following equations for supply and demand:

QS= 2p2 - 3s

QD= 13p

where Q is the quantity in millions of bushels per year and p is the price of corn, and s is price of squash.

a. Calculate the equilibrium price and quantity in terms of s.

b. Compute the comparative static derivatives for the changes in the equilibrium price and

quantity with respect to the price of squash?

c. The government has imposed a price floor for corn, f. Under what condition does this

price floor meaningfully affect the market. What type of protection to suppliers does the

price floor offer. Explain briefly

d. Suppose that the government does not intervene and that the price of squash, s = 3.

Accurately, draw and label a graph of this market and its equilibrium.