Agriculture economics

1. (a) (05 points) Demand for and supply of Rice can be expressed as: P = 120 - Q (1 Q = 50 Find the equilibrium price and quantity. Can you calculate the producersurplus and consumersurplus? Please show your calculations and diagram. (b) (05 points) "Demand for agricultural goods is more elastic in the short run than in the long run."- Do you agree with this statement? Please justify with critical reasoning and diagram