35.These questions were motivated by the articles about the U.S. government's raisin program designed to regulate the price of raisins.Assume the demand for raisins is estimated by the demand function Q_D = [a + c I] / P^b.The constant a = 920,000,000, the coefficient c=25, and the superscript b=1.1."I" represents average household income, which is $60,000.In any growing season, the supply of raisins, measured in thousands of tons, depends on the amount of acreage devoted to the crop, the weather, and other factors such as crop disease and insect infestations.Assume this year the annual production of raisins is forecast to be 370,000 metric tons.Production from 2018 is shown in the table below for your information.Assume the U.S. does not import or export raisins or change its inventory level.With no government interference in the market, what would be the equilibrium price for a ton of raisins?Write the answer to one cent, for example as $5.54 or $131.57.

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