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Suppose that the demand and supply curves for green peas are given by Q D = 10 - 8P and Q S = 2P, where

Suppose that the demand and supply curves for green peas are given by QD = 10 - 8P and QS = 2P, where P is price per pound and Q is measured in thousands of pounds.

  1. If the price per pound of peas is $0.50, calculate the QD and QS.
  2. Is this an equilibrium?
  3. If not, what will be the equilibrium price and quantity?

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